MMK says IFRS January–June net profit slumps by 26% to $497 mln

MOSCOW, Aug 1 (PRIME) -- The net profit of Russia’s Magnitogorsk Iron and Steel Works (MMK) fell 25.9% on the year to U.S. $497 million in January–June, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Thursday.

Revenue went down 7.8% on the year to $3.835 billion in the period.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased 22.6% to $937 million, with the EBITDA margin shrinking to 24.4% from 29.1%.

For further details, see the company’s statement on its official website: http://eng.mmk.ru/upload/medialibrary/15b/Press_release_IFRS_2Q2019_ENG.pdf

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