YEKATERINBURG. Aug 14 (Interfax) - Nizhny Tagil Iron & Steel Works (NTMK), a steel maker in the Evraz Group, posted a net profit of 2.236 billion rubles in the first half of 2009 under Russian accounting standards, a decline of about 90% from the profit in the same period last year, the company said in its financial statement.
Revenue declined over 50% to 28.565 billion rubles.
Operating profit fell in the six months due to lower prices and declining sales volumes. "Sales revenue dropped by 31.9 billion rubles in the first half of 2009 compared with the same period in 2008, including a decline of 21.9 billion rubles owing to changes in the volume, structure and sales markets for metal production and services, a decline of 9.9 billion rubles owing to price decreases and a decline of 0.104 billion rubles owing to the U.S. dollar exchange rate," the materials say.
Receivables shrank 16.3% to 10.424 billion rubles and payables were down 14.7% to 9.243 billion rubles.
NTMK, one of Russia's biggest steel producers, is wholly owned by Evraz Group.