Evraz Metall Inprom posts 238-mln-ruble net loss in H1, vs profit a year ago
ROSTOV-ON-DON. Aug 10. (Interfax) - OJSC Evraz Metall Inprom generated a 238.119-million-ruble net loss to Russian Accounting Standards (RAS) in the first half of 2012, compared to net profit of 2.398 billion rubles the near before, the company reported in its financial statement for Q2 2012.
Sales revenue, meanwhile, soared 62.8% to 13.33 billion rubles in H1 2012.
Among the factors impacting the company's work in 2012 were strengthened competition amid weak growth in demand for metal products on the Russian market, as well as consumers' transition to 'long' deferred payments for the product.
That said, Evraz Metall Inprom successfully defended its share of the Russian metal distribution market at 9.4% in January-May 2012 - the same as last year.
Main financial results ('000 rubles):
| H1 2012 | H1 2011 | |
| Sales revenue | 13 329 740 | 8 188 631 |
| Cost of goods sold | 12 370 533 | 7 488 848 |
| Gross profit | 959 207 | 699 783 |
| Profit from sales | (84 557) | (163 944) |
| Profit before tax | (278 075) | (2 400 298) |
| Net profit | (238 119) | 2 398 400 |
Accounts payable expanded from 7.177 billion rubles at the beginning of this year to 7.613 billion rubles as of June 30. Receivables were up from 2.442 billion rubles to 3.011 billion rubles.
Evraz Metall Inprom specializes in wholesale and retail trade with steel roll and pipe products. It also processes steel roll.
In December 2010, Evraz Group acquired all of the stock in company Cassar World Investment Corp, which controls 99.9% of Rostov-based metal trader Inprom. These assets were consolidated with EvrazMetall (created on the basis of trader Carbofer Metall, which Evraz acquired in 2009). After that, in the spring of 2011, Inprom was renamed Evraz Metall Inprom.