OMZ | 25 March 2009 г. | 14:22

OMZ announces 2007 audited and 1H 2008 unaudited consolidated IFRS financial results

OMZ announces 2007 audited and 1H 2008 unaudited consolidated IFRS financial results

OMZ has announced its audited consolidated financial results for 2007 prepared in accordance with International Financial Reporting Standards (IFRS) and its unaudited IFSR consolidated financial results for the first half of 2008.

In 2007 the company’s revenues rose 35% to $ 960 mln. Operating profit and net profit for the year reached $ 159.9 mln and $ 120.3 mln, respectively. During the first half of 2008 the Company continued to show strong results – its revenue increased by 67% as compared to the same period in 2007 and reached $ 589.6 mln. Operating profit and net profit for the period reached $ 61 and $ 35.6 mln, respectively.

The company’s business in the Specialty Steel segment (production of semi-finished metallurgical products for machine building and other sectors) has experienced stable and positive growth. Revenues in this business sector increased 38% in 2007 and 73% in 1H 2008 to reach $ 542.4 mln and $ 354 mln, respectively. OMZ continues to actively develop and invest in its metallurgical business. One of the key investment projects launched in 2006 was the construction of an advanced 120 tn electric steel furnace by OMZ Specialty Steel which the Company continues to implement.

In contrast to 2006, 2007 and the first half of 2008 saw the active implementation of the Federal Program for Development of Russia’s Nuclear Energy Industrial Complex In The Period 2007-2015. As a result, OMZ’s nuclear equipment business grew 76% in 2007 and 170% in 1H 2008 to reach $ 256.2 mln and $ 155.8 mln, respectively.

Revenues from the production and maintenance of mining equipment reached $ 159.2 miln in 2007 and $ 113.5 mln in the first half of 2008.

Source: Metal Supply and Sales
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