10 Sep 2009 10:15

MMK posts profit in Q2, IFRS revenue up 8%

MOSCOW. Sept 10 (Interfax) - Magnitogorsk Iron & Steel Works (MMK) closed the second quarter of 2009 with net profit of $59 million to International Financial Reporting Standards (IFRS), compared with losses of $110 million in the first quarter of 2009, the Russian steel major said in an earnings report.

Sales revenue grew 8% compared with the first quarter of 2009 to $1.038 billion.

EBITDA soared 109% to $207 million.

MMK expects output in Q3 2009 to soar 35% from Q2 2009 and to be operating at full capacity in September.