IFRS net profit of OJSC Magnitogorsk Iron & Steel Works for Q2 2014 was $159 million against a loss of $79 million the year before, the company reported.
Revenue increased by 17.67% to $2.211 billion from $1.879 billion, operating profit 2.42-fold to $189 million from $78 million, EBITDA by 35.71% to $399 million from $294 million, EBITDA margin was 18% against 15.6% in the same period in 2013.
OJSC Magnitogorsk Iron & Steel Works (MMK, tax number: 7414003633) is among the largest world steel manufacturers leading in Russia's iron and steel industry. The company's assets in Russia are a large iron and steel complex that encompasses the entire production chain from preparation of iron ore to advanced processing of rolled steel. MMK produces a great variety of metal products where high-level-processed goods of greatest added value prevail. In 2010, MMK produced 11.4 million tonnes of steel and 10.4 million tonnes of finished metal products.
IFRS net loss of OJSC Magnitogorsk Iron & Steel Works for Q1 2014 was $79 million against a profit of $19 million the year before. Revenue decreased by 17.7% to $1.879 billion from $2.283 billion, profit from operations by 38.1% to $78 million from $126 million, EBITDA by 22.83% to $294 million from $381 million, EBITDA margin to 15.6% from 16.7% the year before.
RAS net profit of OJSC Magnitogorsk Iron & Steel Works for H1 2014 was RUB 8.588 billion against a loss of RUB 103 million the year before. Revenue increased by 7.7% to RUB 125.07 billion from RUB 116.133 billion, sales profit 2.18 times to RUB 14.321 billion from RUB 6.58 billion, pre-tax profit was RUB 9.937 billion against a loss of RUB 234 million.