Stoilensky GOK sees improved financial results due to higher iron ore prices
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The Russian steel producer Novolipetsk Steel (NLMK) has announced that its iron ore subsidiary Stoilensky Mining and Beneficiation Plant (Stoilensky GOK) has registered a substantial year-on-year improvement in its Q1 financial performance under Russian Accounting Standards (RAS), due to the rise in iron ore prices.
Accordingly, in Q1 2010, Stoilensky GOK's revenue increased by 51 percent, its gross profit went up by 82 percent, and its operating profit grew by 93 percent, all compared to the same period last year.
On quarter-on-quarter basis, Stoilensky GOK's Q1 revenue increased by 16 percent, due to the rise in iron ore prices. Despite growth in prices for the services of natural monopolies, the company achieved a 25 percent quarter-on-quarter improvement in its gross profit. In Q1 2010, Stoilensky GOK's operating profit grew by 37 percent quarter on quarter, driven, among other factors, by having no one-off administrative expenses.
Q1 2010 (Ruble thousand) | Q4 2009 (Ruble thousand) | Q1 2009 (Ruble thousand) | Change Q1 2010/Q4 2009 | Change Q1 2010/Q1 2009 | |
Revenue | 4 301 169 | 3 711 231 | 2 853 181 | 15.90% | 50.75% |
Gross profit | 2 349 150 | 1 884 453 | 1 292 689 | 24.66% | 81.73% |
Operating profit | 2 105 959 | 1 540 674 | 1 092 919 | 36.69% | 92.69% |
Net profit | 1 685 740 | 1 339 688 | 1 057 770 | 25.83% | 59.37% |
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