10 Sep 2009 17:04

MMK expects Q3 revenue to rise 50% quarter-on-quarter

MOSCOW. Sept 10 (Interfax) - Magnitogorsk Iron & Steel Works (MMK) expects to boost third quarter revenue 50% compared with the second quarter of 2009, MMK's vice president for finance and economics, Oleg Fedonin, said in a conference call.

EBITDA will rise by about the same percentage, he said.

MMK posted a net profit of $59 million in the second quarter of 2009. It had net losses totaling $110 million in the first quarter.

Revenue in the second quarter was $1.038 billion, 8% more than in the first quarter.

Second quarter EBITDA increased 109% to $207 million.