MMK Group made a profit in Q1 2015

​MMK OJSC (MMK Group) made a profit of $196 mln in Q1 2015. In Q4 and Q1 2014 MMK made loss of $150 mln and $79 mln respectively. In Q1 2015 the prime cost of saleable products fell by 22% against Q4 2014 to $1.01 bln. The group’s revenue fell by 12.5% against Q4 2014 to make up $1.51 bln.

“The revenue fall in mostly connected with the rouble’s devaluation in late 2014 and price fall for steel in the export markets. The management expects a slight fall of sales volumes in Q2 2015 against Q1 2015. This is connected with an early loading of stock reserves (Jan-February 2015) by metal traders and some slowing down of business activity in the construction sector”, the company reports.

The total debt of MMK Group as of the end of Q1 made up $2.3 bln, net debt -$1.8 bln.