OAO Novolipetsk Iron and Steel Works “issued today its financial results for the 3 rd quarter of 2008, prepared according to Russian Accounting Standards (IFRS).
financial results of OAO “NLMK” for the 3 rd quarter 2008 (All amounts in thousands rubles except%)
| ; |
3 quarter of 2008 |
2 quarter of 2008 |
3 quarter of 2007 |
Change 3 square. 2008 /2 square. 2008 |
Change 3 square. 2008 /3 square. 2007 |
| Revenue |
65 372 070 |
58 945 257 |
39 555 687 |
10,9% |
65,3% |
| Gross profit |
32 438 900 |
25 599 979 |
16 170 311 |
26,7% |
100,6% |
| profit from sales |
28 531 699 |
21 659 853 |
13 292 804 |
31,7% |
114,6% |
| Net profit |
30 680 819 |
36 897 871 |
10 288 479 |
-16,8% |
198,2% |
revenue growth of 3 NLMK quarter of 2008 compared with analyzed quarters due primarily to increases in the prices of metal products, as well as changes in sales towards increasing the proportion of products with high added value.
The decline in net profit for the 3 quarter 2 quarters of this year is due to the high level of income in the quarter 2, in the form of dividends received from subsidiaries, the report said issuer. Excluding the dividend net profit would have risen by 47% on the previous quarter.
As stated in the announcement of the company, the world financial crisis has led to a decline in business activity, both abroad and in Russia, which in turn led to a reduction in demand for steel and falling prices. Because of these negative trends, the company expects a significant reduction in the financial results of OAO NLMK and major subsidiaries in the Group 4 quarter of this year.
FOREX Forecast » OAO Novolipetsk Iron and Steel Works "
OAO Novolipetsk Iron and Steel Works “issued today its financial results for the 3 rd quarter of 2008, prepared according to Russian Accounting Standards (IFRS).
financial results of OAO “NLMK” for the 3 rd quarter 2008 (All amounts in thousands rubles except%)
revenue growth of 3 NLMK quarter of 2008 compared with analyzed quarters due primarily to increases in the prices of metal products, as well as changes in sales towards increasing the proportion of products with high added value.
The decline in net profit for the 3 quarter 2 quarters of this year is due to the high level of income in the quarter 2, in the form of dividends received from subsidiaries, the report said issuer. Excluding the dividend net profit would have risen by 47% on the previous quarter.
As stated in the announcement of the company, the world financial crisis has led to a decline in business activity, both abroad and in Russia, which in turn led to a reduction in demand for steel and falling prices. Because of these negative trends, the company expects a significant reduction in the financial results of OAO NLMK and major subsidiaries in the Group 4 quarter of this year.