NLMK IFRS net profit jumps 55% to $1.45 bln in 2017

MOSCOW, Feb 20 (PRIME) -- The net profit of Russian steelmaker NLMK jumped 55% on the year to U.S. $1.45 billion in 2017, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Tuesday.

Revenue grew 32% on the year to $10.065 billion in the year due to an increase in average prices for metals products, a growth of sales volumes, and an increase of the share of finished rolled products in the company’s sales.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) went up 37% to $2.655 billion, while the EBITDA margin grew to 26% from 25%.

In October–December 2017, NLMK’s net profit rose 20% on the quarter to $428 million, EBITDA grew 21% to $786 million, and the EBITDA margin climbed up to 28% from 25%. Revenue gained 10% to $2.815 billion.

NLMK also said that it plans to produce 4.2 million tonnes of steel in January–March 2018, flat on the year and down from 4.315 million tonnes produced in October–December 2017, due to a seasonal contraction in demand and due to scheduled maintenance at the plant in the city of Lipetsk.

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