MMK says IFRS net profit falls by 29.4% to $604 mln in 2020

MOSCOW, Feb 2 (PRIME) -- The net profit of Russia’s Magnitogorsk Iron and Steel Works (MMK) fell by 29.4% on the year to U.S. $604 million in 2020, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Tuesday.

In October–December 2020, the net profit of MMK more than tripled on the quarter to $313 million, with revenue rising by 18.3% to $1.852 billion and EBITDA jumping by 35.4% to $474 million.

In 2020, revenue went down by 15.5% on the year to $6.395 billion. Earnings before interest, taxes, depreciation, and amortization (EBITDA) contracted by 17% to $1.492 billion, and the EBITDA margin shrank to 23.3% from 23.8%.

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