Severstal IFRS net profit plunges 62.1% to $136 mln in Apr–Jun

MOSCOW, Jul 20 (PRIME) -- The net profit of Russian steelmaker Severstal plunged 62.1% on the quarter to U.S. $163 million in April–June, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Thursday.

But revenue increased 9.3% to $1.931 billion and earnings before interest, taxes, depreciation and amortization (EBITDA) rose 8.8% to $629 million.

In January–June, the net profit of the company contracted 43.6% on the year to $495 million. Revenue grew 38.1% on the year to $3.698 billion, and EBITDA soared 51.1% to $1.207 billion.

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