Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced its financial results for the first quarter of this year according to International Financial Reporting Standards (IFRS).
In the given quarter, MMK registered a net profit of $157 million compared to a net profit of $196 million in the first quarter of the previous year, while the company's revenues declined by 30.5 percent year on year to $1.05 billion, due to lower sales prices and reduced sales volume.
MMK's EBITDA decreased by 38.9 percent to $287 million in the first quarter of the current year, with the EBITDA margin falling from 31.1 percent to 27.3 percent, both year on year.
MMK stated that early signs of a recovery in domestic demand and a gradual increase in ruble prices in the domestic market towards parity with export prices enable it to expect an improvement in its financial metrics in the second quarter this year.