Nizhny Tagil Metal Works net profit drops in Q1

According to Nizhy Tagil Metal Works' (NTMK) financial report for the first quarter of 2006, the company's net profit decreased 35.11 percent year on year to Ruble 2.733 billion (approx. $102 million) under the Russian accounting standards (RAS). The revenue decreased 23.8 percent and the gross profit 26 percent to Ruble 14.821 billion (approx. $555 million) and Ruble 4.636 billion (approx. $173 million) respectively in the given period. NTMK's operating profit fell 29.08 percent year on year to Ruble 3.920 billion (approx. $207 million) in the first quarter of 2006.