Belon in 2014 reduces IFRS net losses by 74%
KEMEROVO. May 14 (Interfax) - OJSC Belon (Kemerovo region, majority shareholder - OJSC Magnitogorsk Iron & Steel Works ) in 2014 reduced net losses to International Financial Reporting Standards (IFRS) by 74% year-on-year to 2.4 billion rubles, the company said in a report.
Revenue fell by 4% to 10.377 billion rubles with insignificant growth for cost of sales.
Earnings before interest, tax, depreciation and amortization (EBITDA) and factors that affected the change in revenue and the fall in losses were not disclosed in the report. According to the materials, in 2013 the company posted losses from the impairment of assets held for sale and other non-current assets in the amount of 10.456 billion rubles, while in the report for last year there were no such losses.
Retained earnings at the end of 2014 fell to 6.564 billion rubles from 8.968 billion rubles as at the end of 2013.
Belon's long-term liabilities fell to 6.907 billion rubles from 7.361 billion rubles, respectively, and short-term fell to 2.151 billion rubles from 3.1 billion rubles.
