The Russian steelmaker Novolipetsk Steel (
NLMK) has issued Russian Accounting Standards (RAS) financial results for itself and its subsidiaries for 2008.
Accordingly, in 2008
NLMK's net profit increased by 77.3 percent to Ruble 71.676 billion (approx. $2.16 billion), while its operating profit rose by 45.6 percent to Ruble 72.438 billion (approx. $2.18 billion), both compared with the 2007 data. The company saw also an increase of 40.7 percent year on year in its gross profit to Ruble 86.996 billion (approx. $2.62 billion), and a rise of 30.5 percent in its revenue to Ruble 202.103 billion (approx. $6.09 billion) compared to 2007.
During last year,
NLMK subsidiary VIZ-Stal registered a slight decrease of 0.5 percent year on year in its gross profit to Ruble 11.917 billion (approx. $359 million) and a decline of 1.2 percent in its operating profit to Ruble 11.386 billion (approx. $343.2 million). VIZ-Stal's revenue and net profit increased respectively by 8.1 percent to and 6.8 percent to Ruble 19.698 billion (approx. $593.7 million) and Ruble 9.428 billion (approx $284 million), both compared with the 2007 data.
In 2008, the revenue of
NLMK's
iron ore subsidiary Stoilensky GOK climbed by 1.6 percent to Ruble 21.829 billion (approx. $657.9 million), while its gross profit decreased by 0.7 percent to Ruble 15.248 billion (approx. $459.5 million), both compared with 2007. Stoilensky GOK also registered a drop of 0.7 percent in its operating profit and an increase of 0.6 percent in its net profit compared with the previous year, respectively to Ruble 14.314 billion (approx. $431 million) and Ruble 11.998 billion (approx. $316.6 million).
Altai-koks' revenue for the year in question amounted to Ruble 28.611 billion (approx. $862.3 million), which is an increase of 63.3 percent on the previous year, while its net profit dropped by 10 percent year on year to Ruble 2.228 billion (approx. $67.16 million).
In 2008,
NLMK subsidiary NSMMZ increased its revenue by 48 percent to Ruble 36.348 billion (approx. $1.1 billion), while its net profit decreased by 58.2 percent to Ruble 1.619 billion (approx. $48.8 million), both compared with the data for the previous year.
According to the release, in the context of the ongoing global financial downturn,
NLMK expects a further decrease in its own financial performance and in that of its subsidiaries in Q1 2009.