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NLMK's net profit down 82% year-on-year in 1Q 2016

May 17, 2016, 20:27 UTC+3 MOSCOW
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MOSCOW, May 17. /TASS/. Net profit of Russia’s NLMK Group (Novolipetsk Iron and Steel works and its subsidiaries) under IFRS fell by 82% year-on-year in the first quarter of 2016 to $57, the company said in a statement on Tuesday.

The company attributes the decrease to the decline in profit from its core activities and pure negative outcome in exchange rate differences - $55 mln, according to the statement.

Revenues drop by 28% to $ 1.577 bln, EBITDA - by 55% to $290 mln.

At the same time EBITDA margin decreased to 18% from 29%.

Sales increased by 5% to 4.1 mln tonnes thanks to the growth in supplies of finished steel.

Net debt decreased by 22% to $967 mln.

Total capex allocated to the implementation of Strategy 2017 and to maintenance was $121 million.

The Group’s production assets are located in Russia, Europe and the US. The company's liquid steel production capacity is over 17 million tonnes per year, of which about 16 million tonnes are produced in Russia. Vladimir Lissin is the main shareholder of NLMK /85.54%/.

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