MMK increased operational profit by 2.2 times
Edited by Rhod Mackenzie / 2014-06-20 09:57:04
In Q1 2014, MMK increased operational profit by 2.2 times to $78 million versus Q4 2013. Commercial and common administrative expenses reduced by $44 million. Net loss was $79 million versus a net profit of $19 million in Q1 2013, and net loss of $2.155 billion in Q4 2013. The loss was connected with the loss from differences in the currency exchange rate of $118 million. If not taking into account differences in currency exchange, profit would be $39 million.
By the end of Q1 2014, net debt reduced by $124 million to $2.902 billion. Ratio of net debt to EBITDA remained 2.55x. EBITDA was $294 million, by 6% less than in Q4 2013 and by 22.8% less than in Q1 2013.
