In Q1, Metalloinvest of A. Usmanov lost 58.2% of its net profit

In Q1, Metalloinvest of A. Usmanov lost 58.2% of net profit. It was $115 million compared to $275 million in Q1 2013. The decline happened due to the loss in non-monetary differences in currency exchange. Revenue reduced by 7.2% to $1.805 billion due to the fall in prices at the iron ore market. EBITDA reduced by 0.9% to $574 million, and profitability by EBITDA increased by 2 basis points to 31.8%. In Q1, financial burden reduced. The company effectively refinanced pre-export credit despite instability in financial and trade markets. It makes the further steps for improving of corporative governance. In April, they founded the new Committee for compensations and benefits, the Vice CEO, the CFO of Metalloinvest Managing Company P. Mitrofanov says.