MMK posts strong financial results under RAS

The Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has posted strong financial results for 2006 under the Russian Accounting Standards. In particular, the company's net profit in the given period surged 24.5 percent to Ruble 37.114 billion ($1.42 billion). MMK revenues increased by 9.6 percent year on year to Ruble 161.433 million ($6.17 billion) in 2006. Meanwhile the company's gross profit went up by 18.26 percent to Ruble 49.071 billion ($2.24 billion) and sale profit rose by 18.9 percent to Ruble 58.688 ($1.92 billion) during the period in question.