Q1 2011 RAS Financial Results
NLMK (LSE: NLMK) today announces its Q1 2011 Russian Accounting Standards (RAS) financial results for its major companies.
NLMK’s major companies showed significant sequential improvement in their Q1 2011 financial performance. Novolipetsk (NLMK’s Parent company) revenue was up 26% year-on-year to RUR44.5 billion; its net profit increased 161% year-on-year to RUR6.96 billion. These improvements were driven by higher sales and better market conditions. NLMK’s subsidiaries experienced similar dynamics. At the same time, seasonal decline in demand for steel products prevented the Group from achieving quarter-on-quarter improvements.
In Q2, we expect further improvements in NLMK’s financial and operating performance.
More detailed information on NLMK’s main production site and its subsidiaries’ Q1 2011 Russian Accounting Standards (RAS) financial results is presented below.
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 June 2011.
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