Net profit of MMK under IAS rose by 5 times over 9 months

​The profit turned out to be lower than was forecast by experts, revenue and EBITDA forecasts met the expectations of analysts.

The net profit of MMK on the results of Jan-September 2015 under IAS made up $546 mln – by 5 times higher than in Jan-September 2014 ($106 mln).

The result turned out to be lower than the consensus-forecast of analysts who forecast a 6 times growth – up to $651 mln.

The revenue of MMK in Jan-September 2015 made up $4.658 bln, by 25.2% lower than in Jan-September 2014 ($6.225 bln). The reduction is mainly connected with the fall of sales volumes (-8.2%) and price fall for steel by 21.1% - to $474 from $601/ton in Jan-September 2014.

The prime cost of saleable goods fell by 35.6% to $3.161 bln due to the weakening of the rouble, realization of the expenditure cutting program and fall of production volumes. General, administrative and commercial expenditure also fell against Jan-September 2014. In total these factors influenced on the growth of operational profit.