MMK to release IFRS report for H1 on Aug 29
MOSCOW. Aug 22 (Interfax) - OJSC Magnitogorsk Iron & Steel Works (MMK) will be releasing its financial report to International Financial Reporting Standards (IFRS) for the first half of 2011 on Monday, August 29, the company said.
A consensus forecast for the company's main financial figures compiled from a survey of analysts at leading investment companies and banks will be published on Friday, August 26.
MMK produced 7% less metal product - 2.53 million tonnes - in the second quarter of this year. The company ended the first quarter with IFRS net profits of $134 million and EBITDA (earnings before interest, taxes, depreciation, and amortization) of $403 million.
MMK is one of the biggest of Russia's metal products makers. Its main beneficiary is the chairman of its board of directors, Viktor Rashnikov (86.6% of shares).
