The Russian steel producer Novolipetsk Steel (NLMK) has announced its first quarter 2007 financial results under the Russian Accounting Standards (RAS).
According to the company release, in the first three months of 2007 NLMK's sales revenue increased by 31 percent, gross profit rose by 20.3 percent, operational profit rose by 10.3 percent, whereas net profit decreased by 36.6 percent year on year. The respective figures in Rubles were 36.5 billion ($1.4 billion), 14.1 billion ($547 million), 11.5 billion ($446 million) and 9.6 billion ($372 million).
NLMK's subsidiary VIZ-Stal has shown strong financial results under RAS in Q1 2007. Accordingly, the company's sales revenue increased by 13.6 percent, its gross profit increased by 32.5 percent, its operating profit rose by 34.9 percent and its net profit increased by 35 percent year on year in the first three months of 2007. The respective figures in Rubles were 4.2 billion ($163 million), 2.7 billion ($104 million), 2.6 billion ($101 million) and 1.9 billion ($73 million).
NLMK's iron ore affiliate Stoilensky GOK during the period in question registered a 99.1 percent increase in its sale revenue, a 164.7 percent increase in its gross profit, a 179.3 percent increase in its operating profit and a 186.1 percent increase in its net profit year on year respectively to Ruble 5.4 billion ($210 million), Ruble 3.9 billion ($151 million), Ruble 3.7 billion ($143 million), Ruble three billion ($117 million).
The company's coke division, Altai-koks, saw a 63.5 percent increase in its sales revenue, a 131 percent increase in its gross profit, a 66.3 percent increase in its operating profit. The respective figures in Rubles were 3.5 billion ($136 million), 788 million ($30.5 million), 284 million ($11 million). Meanwhile, the company's net profit rose 132.7 percent year on year to Ruble 160 million ($6.2 million) in the first three months of 2007.