December 02, 2008

Urals Steel triples earnings in H1

Interfax reported that Urals Steel, a steel unit of the Gazmetall Group, increased net profit by 210%YoY to RUB 3.115 billion in January to June 2007.

Urals Steel revenue grew by 25.6% to RUB 22.637 billion while costs increased by 18.3% to RUB 17.238 billion. Its gross profit jumped by 56.6% to RUB 5.399 billion operating profit doubled to RUB 4.126 billion and pretax profit tripled to RUB 4.153 billion.

Urals Steel payables dropped from RUB 3.429 billion to RUB 2.815 billion in January to June while receivables rose from RUB 4.265 billion from RUB 5.219 billion.