Mechel IFRS net profit drops 81% to 2.4 bln rbl in 2019

MOSCOW, Mar 19 (PRIME) -- The net profit attributable to shareholders of Russian metals and mining group Mechel dropped by 81% to 2.409 billion rubles in 2019, as calculated under International Financial Reporting Standards (IFRS), the company said on Thursday.

Consolidated revenue decreased 5% to 296.567 billion rubles, while earnings before interest, taxes, depreciation, and amortization (EBITDA) went down 29% to 53.428 billion rubles.

Net debt decreased by 23 billion rubles in 2019 to 400 billion rubles as of December 31, while the net debt/EBITDA ratio rose to 7.5 from 5.6 as of the end of 2018.

In October–December, Mechel’s net loss widened to 9.765 billion rubles from 571 million rubles in July–September. Revenue fell 9% to 68.376 billion rubles, and EBITDA decreased 32% to 9.361 billion rubles.

(77.2131 rubles – U.S. $1)

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