Vyksa metallurgical plant made loss of 2.5 billion rubles for the first time over the last few years
Edited by Rhod Mackenzie / 2015-02-20 10:53:41
Vyksa metallurgical plant (VMZ, the Nizhny Novgorod region, part of OMK) had made the loss of 2.5 billion rubles for the first time over the several recent years. The fall in the net profit occurred against the background of the growth of the total revenue by 13% - to 96.2 billion rubles.
According to the managing director of VMZ Sergei Filippov, the loss was caused by revaluation of VMZ’s credit obligations in foreign currency due to rising of exchange rate against the ruble. The projected loss will be reflected in the financial statements for 2014 and will affect the entire report of OMK.
