UPDATE: MMK IFRS net profit rises 50% to $241 mln in Jan–Mar

(Adds paragraphs 4-6)

MOSCOW, May 11 (PRIME) -- The net profit of Magnitogorsk Iron and Steel Works (MMK) increased by 50% on the year to U.S. $241 million in January-March, the company said in a statement on Thursday.

Revenue rose by 60% to $1.66 billion due to higher sales prices and stable sales volumes.

Earnings before interest, tax, depreciation and amortization (EBITDA) more than doubled on the year to $452 million.

The EBITDA margin rose to 27.2% from 20.9% in the same period of the previous year.

Production costs grew by 48% to $1.171 billion, operating profit rose by almost 70% to $319 million.

The company’s overall debt increased by 14% on the quarter to $572 million. Net debt fell to $187 million, the net debt to EBITDA ratio stood at 0.09.

End