UPDATE: NLMK IFRS net profit soars 63% to $1 bln in January–September
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MOSCOW, Oct 27 (PRIME) -- The net profit of Russian steelmaker Novolipetsk Steel (NLMK) soared by 63% on the year to U.S. $1.022 billion in January–September, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Friday.
Revenue grew 28% on the year to $7.25 billion in the period, and earnings before interest, taxes, depreciation and amortization (EBITDA) went up 31% to $1.869 billion.
In July–September, the net profit of NLMK increased 4% on the quarter to $357 million, revenue remained almost flat at $2.544 billion, and EBITDA gained 7% to $648 million.
The net debt of the company contracted 29% in the third quarter to $743 million as of September 30. The ratio of the net debt to EBITDA decreased to 0.31 from 0.43.
NLMK plans to increase its steel output by 2.2% on the year to 17 million tonnes in 2017, as seen by PRIME in materials of the company.
In March, NLMK CEO Oleg Bagrin said that the company’s steel output may remain flat on the year in 2017 or rise slightly compared with the 2016 output.
For further details, see the company’s statement on its official Web site:
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