Novolipetsk Steel [RTS: NLMK] said Tuesday its U.S. GAAP net profit increased 12.8%, year-on-year, in the first half of 2007, to $1.06 billion.
Novolipetsk Steel, one of Russia`s largest steel and rolled stock producers, said its sales revenue increased 42% to $3.6 billion in January-June, with gross profits rising 52% to $1.7 billion.
Operating income increased 50% to $1.38, while earnings before income, taxes, depreciation and amortization (EBITDA) grew 59% year-on-year in the reporting period, to $1.57 billion.
"The company`s sound performance was driven by the favorable pricing environment in our core markets, asset consolidation and a well-balanced sales structure," Galina Aglyamova, vice president and chief financial officer, said commenting on the results.
The company`s net profit calculated to Russian Accounting Standards for the first half of 2007 was 20.22 billion rubles ($790 billion), a 22.3% decline year-on-year.
The integrated steel-making company produces pig iron, slabs, hot-rolled, cold-rolled, galvanized, pre-painted, and grain- and non-grain-oriented steel.
Novolipetsk Steel increased its steel production by 7.8%, year-on-year, in 2006, to 9.13 million metric tons. Vladimir Lisin, chairman of the Novolipetsk Steel board of directors, controls over 80% of the company`s stock.
sections: Economics |