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.