MMK MANAGED TO CUT EXPENSES, BUT REVENUES REMAINED THE SAME
• The production volume in Q2 2009 stayed at the level of Q1 2009. The Company’s actions were aimed to support the low level of cash-cost and to optimize the structure of production portfolio. As a result, neither commercial billets nor slabs were produced; the share of downstream products in Q2 2009 grew by 4% compared to Q1 2009.
• Q2 2009 revenues stood at the level of Q1 2009 and amounted to 28 billion Rubles. Operating income went up by 333 million to 4.7 billion Rubles because of the decreased operational expenses. Net income increased by 127% compared to Q1 2009.
Read our comment and more in our new report - Magnitogorsk Iron and Steel Works (MMK), Comment on MMK´s Latest Events, Forecast on Growth and Risk 8/26/09
• The production volume in Q2 2009 stayed at the level of Q1 2009. The Company’s actions were aimed to support the low level of cash-cost and to optimize the structure of production portfolio. As a result, neither commercial billets nor slabs were produced; the share of downstream products in Q2 2009 grew by 4% compared to Q1 2009.
• Q2 2009 revenues stood at the level of Q1 2009 and amounted to 28 billion Rubles. Operating income went up by 333 million to 4.7 billion Rubles because of the decreased operational expenses. Net income increased by 127% compared to Q1 2009.
Read our comment and more in our new report - Magnitogorsk Iron and Steel Works (MMK), Comment on MMK´s Latest Events, Forecast on Growth and Risk 8/26/09
