Mechel Lost on Energy
In line with expectations, the U.S. GAAP accounting report that Mechel Group made out for nine months showed the healthy gains. The net profit surged 89.7 percent on year, EBITDA grew 80.2 percent. At the same time, Mechel’s energy division suffered the losses.
Under the U.S. GAAP report made out for nine months of this year, Mechel Group stepped up its net profit 89.7 percent to $706 million, the revenues grew to $4.647 billion (+47.9 percent), net operating revenues advanced to $1.052 billion (up 2.1 fold), net operating margin was 22.6 percent, EBITDA - $1.205 billion (+80.2 percent), EBITDA margin – 25.9 percent.
But Mechel fell 2.41 percent on NYSE despite the good accounting results. The analysts attribute the decline to losses of its energy division that Mechel reported separately.
Mechel’s energy sector posted net losses of $11.1 million from January to September. The revenues generated from sales to external clients amounted to $251.5 million, or 5.4 percent of Mechel Energo revenues. The losses could be mostly blamed on the inter-group loan that Mechel Energo raised with other subsidiaries of Mechel Group for purpose of development.
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All the Article in Russian as of Dec. 12, 2007
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