Severstal posts decline in profit
Russian steelmaker
Severstal announced that its net profit during the first nine months of 2005 declined by 8 percent to RUB 25.347 billion (approx. $888 million) as compared to the same period of 2004, due to higher raw material costs and lower export prices.
During the subject nine-month period,
Severstal's sales revenue increased by 16 percent to RUB 106.82 billion (approx. $3.74 billion) as compared to the corresponding period of 2004.
On the other hand, gross profit sank by 3 percent to RUB 39.785 billion (approx. $1.39 million), and earnings before tax decreased by 6 percent to RUB 34.139 billion (approx. $1.19 billion), against the January-September period of 2004.