The Russian steelmaker Novolipetsk Steel (NLMK) has announced that in Q1 2010 its coke producing subsidiary Altai-Koks saw a 15 percent growth quarter on quarter and a two-fold increase year on year in its revenues under Russian Accounting Standards (RAS), as the pricing environment in the coking coal and coke markets allowed it to boost its sales, including to the export markets.
Accordingly, growing coking coal prices, as well as a rise in commercial expenses associated with export sales, negatively impacted Altai-Koks' gross profit and operating profit, which fell in Q1 this year by 11 percent and 20 percent respectively quarter on quarter.
"The company's reporting period performance is significantly higher year on year due to an improvement of conditions in the market for coke and coke-chemical products both in Russia and abroad," reads NLMK's statement.
Q1 2010 (Ruble thousand) | Q4 2009 (Ruble thousand) | Q1 2009 (Ruble thousand) | Change Q1 2010/Q4 2009 | Change Q1 2010/Q1 2009 | |
Revenue | 5 796 053 | 5 036 158 | 2 749 465 | 15.09% | 110.81% |
Gross profit | 1 249 070 | 1 405 551 | -534 618 | -11.13% | - |
Operating profit | 944 541 | 1 185 837 | -777 786 | -20.35% | - |
Net profit | 730 110 | 985 461 | 527 794 | -25.91% | 38.33% |