Severstal posts 8.4 bln rubles profit in Q1
MOSCOW. May 18 (Interfax) - Severstal closed Q1 2010 with net profit of 8.404 billion rubles to Russian Accounting Standards (RAS), compared with losses of 10.292 billion rubles in the same period of last year, the Russian steel producer said.
Sales revenue rose 37% year-on-year to 41.502 billion rubles and pretax profit was 10.387 billion rubles, compared with losses of 9.593 billion rubles.
Short-term payables rose to 51.447 billion rubles from 39.525 billion rubles during Q1 2010, and long-term payables rose to 131.904 billion rubles from 127.07 billion rubles.
Short-term receivables grew to 30.856 billion rubles from 21.588 billion rubles during Q1 2010. Short-term financial investments came to 44.94 billion rubles and cash funds to 20.448 billion rubles at end Q1.
The Severstal steel group has assets in Russia, North America, Europe, Ukraine and Africa. The main beneficiary is the general director, Alexei Mordashov, with more than 82% of shares. About 18% are in free float.