Izhstal increases net losses 14% in 9mths
IZHEVSK. Nov 12 (Interfax) - OJSC Izhstal , which is part of Mechel , posted 561.844 million rubles in net losses according to Russian accounting standards (RAS) for January-September 2012, up 13.8% year-on-year, the enterprise said in its quarterly RAS results.
Sales revenue in January-September 2011 went down by 2.7% to 9.1918 billion rubles.
The results said that revenue decreased owing "to a general price decrease for metals production." "The decrease in prices for manufactured metals production, along with a decline in prices for prefab ferrous alloys, metal scrap and tariffs for energy products, was the reason for the reduction in net profit and margins," the report said.
Izhstal's main financial results in January-September 2012 (in thousands of rubles):
| 9mths 2012 | 9mths 2011 | |
| Sales revenue | 9 191 886 | 9 449 894 |
| Costs of sale | 8 828 346 | 8 900 159 |
| Gross profit | 363 540 | 549 735 |
| Profit (losses) from sales | (442 874) | (216 498) |
| Pretax profit (losses) | (679 063) | (581 734) |
| Net profit (losses) | (561 844) | (493 662) |
Izhstal produces metal roll and stainless steel. OJSC Mechel owns 96.19% of the common shares in Izhstal
