NLMK Group Q2 2011 RAS Financial Results
NLMK (LSE: NLMK) today announces its Q2 2011 Russian Accounting Standards (RAS) financial results for its major companies.
NLMK’s major companies showed significant improvement in their Q2 2011 financial performance. Novolipetsk, NLMK’s Parent company, reported a 36% increase in revenue to RUR60.5 billion; its operating profit increased 80% to RUR10 billion. The Company’s net profit increased 4-fold to RUR28 billion. These improvements were driven by stronger operating results and one-off items (see page 3 of the press-release for more details). Operating results were supported by the seasonal recovery in the construction industry, higher sales volumes and product mix improvements.
Note: Russian Accounting Standards (RAS) accounting results differ materially from US GAAP accounting results and are not comparable to financial statements prepared in accordance with US GAAP. Reference should be made only to consolidated financial statements prepared in accordance with US GAAP for information with respect to NLMK Group’s financial condition and results of operations to be published in August 2011.