15 Nov 2012 11:13

Severstal IFRS net profit down 23% to $329 mln

MOSCOW. Nov 15 (Interfax) - Severstal's net profit to International Financial Reporting Standards (IFRS) fell 23% year-on-year in Q3 2012 to $329 million, the steel major said in a statement.

Earnings were impacted by exchange-rate gains of $152 million, so the result was above the $245 million that analysts predicted in a consensus forecast for Interfax.

Earnings before taxes, depreciation and amortization (EBITDA) were $546 million, as forecast, and 2.1 times less than in the same period of last year.

Revenue was $3.59 billion or a little higher than expected but 25% lower than in Q3 2011.

Severstal expects the next quarter will be weaker than Q3 due to a seasonal drop in activity in the construction sector.