The Russian steel producer Novolipetsk Steel (NLMK) has announced its second quarter 2007 financial results under the Russian Accounting Standards (RAS).
According to the company release, in April-June of 2007 NLMK's sales revenue increased by 9.3 percent, however the company's gross profit decreased by 2.2 percent, operational profit dropped by 8.8 percent, and net profit decreased by 2.8 percent year on year. The respective figures in Rubles were 37.9 billion ($1.48 billion), 16.3 billion ($640 million), 12.9 billion ($507 million) and 10.7 billion ($420 million).
NLMK's subsidiary VIZ-Stal has shown strong financial results under RAS in Q2 2007. Accordingly, the company's sales revenue increased by 29.2 percent, its gross profit increased by 48.1 percent, its operating profit rose by 49.9 percent and its net profit increased by 56.5 percent year on year. The respective figures in Rubles were 4.78 billion ($188 million), 3.05 billion ($120 million), 2.94 billion ($116 million) and 2.23 billion ($88 million).
NLMK's iron ore affiliate Stoilensky GOK during the period in question registered a 65.1 percent increase in its sale revenue, a 105.8 percent increase in its gross profit, a 115.3 percent increase in its operating profit and a 120 percent increase in its net profit year on year respectively to Ruble 5.24 billion ($206 million), Ruble 3.8 billion ($149.3 million), Ruble 3.6 billion ($141.4 million), Ruble 2.9 billion ($114 million).
The company's coke division, Altai-koks, saw a 78.7 percent increase in its sales revenue, a 136 percent increase in its gross profit, a 34.4 percent increase in its operating profit. The respective figures in Rubles were 4.1 billion ($161 million), 949 million ($37.3 million), 381 million ($15 million). Meanwhile, the company's net profit rose 67.l5 percent year on year to Ruble 249.8 million ($9.8 million) in the April-June 2007 period.