31 Aug 2009 16:49

Analysts forecast Evraz

MOSCOW. Aug 31 (Interfax) - Analysts from eight investment banks and companies surveyed by Interfax forecast that Evraz Group's IFRS net losses for the first half of 2009 will come to $351 million against net profit of $2 billion in the same period of 2008.

According to the a consensus forecast of analysts, the group's revenue for the first half will stand at $4.658 billion, down 56.2% while EBITDA will plummet by 84.84%.

Analysts also expect a series of write-offs including losses from forex operations, which had a negative impact on net profits.

The group's financial report for the first half will come on Tuesday, September 1.

Evraz Group increased IFRS net profit by 11.2% to $1.868 billion in 2008 while sales revenue increased by 58.5% to $20.38 billion. EBITDA increased by 46.9% to $6.323 billion.

Lanebrook owns about 72% of Evraz. Lanebrook's beneficiaries are Millhouse, the holding company for the assets of billionaire Roman Abramovich and his business partners (50%), on the one hand, and Alexander Abramov and Alexander Frolov (50%), on the other.