11 Jun 2010 10:19

MMK net profit down 57% to $94 mln in Q1

MOSCOW. June 11 (Interfax) - Magnitogorsk Iron & Steel Works (MMK) saw consolidated net profit fall to $94 million in the first quarter, a decline of 57% from the fourth quarter of 2009.

The result is slightly below the consensus forecast of $100 million. MMK posted a net loss of $110 million in the first quarter last year.

Revenue in the latest quarter equaled $1.652 billion and EBITDA was $364 million. Those indicators were also lower than the consensus forecast ($1.715 billion and $381 million).