The Russian steel and iron ore producer Evraz Group (Evraz) has announced its major subsidiaries' financial results for the first quarter of 2007 under the Russian Accounting Standards (RAS).
Accordingly, during the given period Evraz's Nizhny Tagil Iron and Steel Plant (NTMK) registered a 42.7 percent increase in its revenue, a 45.7 percent rise in its gross profit, a 51.9 percent climb in its operating profit and a 66.3 percent increase in its net profit. The respective figures in Rubles were 21.14 million ($843,463), 6.76 million ($262,683), 5.96 million ($231,569), and 4.55 million ($174,847).
In the first three months of 2007, West Siberian Iron and Steel Plant (ZapSib) saw a 40.9 percent increase in its revenue to Ruble 19.85 million ($771,293), a 97.3 percent increase in its gross profit to Ruble 5.3 million ($207,137), a 130.7 percent increase in its operating profit to Ruble 4.5 million ($173,993), and a 130.7 percent increase in its net profit to Ruble 3.2 million ($122,856) - all compared to the first quarter of 2006.
Evraz's iron ore affiliation KGOK saw a 79.3 percent increase in its revenue, a 135.9 percent rise in its gross profit, a 144 percent increase in its operating profit and a 118.2 percent climb in its net profit year on year in the first quarter of 2007. The respective figures in millions of Rubles were 5.2 ($202,614), 3.3 ($128,213), 3.07 ($143,753), and 2.3 ($89,358).
During the period in question, VGOK's revenue totaled Ruble 1.68 million ($65,264) - up 79.6 percent, its gross profit amounted to Ruble 708,000 ($27,504) - up 304 percent, its operating profit totaled Ruble 597,000 ($23,193) - up 502 percent, and its net profit amounted to Ruble 366,000 ($14,218).
Commenting on the results, Evraz's release stated that higher sales volumes and the beneficial pricing environment in the first quarter of 2007 were responsible for its subsidiaries' impressive results.