Net profit of MMK under IFRS is down by 20% in Q1
Edited by Rhod Mackenzie / 2016-05-06 07:15:43
Finance Metals and mining Russia Financial results Magnitogorsk metallurgic plant MMK Russia Metals and Mining Steel
The net profit of Magnitogorsk Iron-and-Steel works (MMK) under IFRS made up $157 million in Q1, 2016 (-19.9% y-o-y), runs the company’s statement.
MMK’s revenue made up $1.05 billion over the reported period (-30.5% y-o-y). It is due to low price of sale (reduction made up $140 per a ton or by 30%) and reduction of shipment volume by 5.4%, according to the company.
