October 11, 2008

Azovstal net sales in 2007 up by 30.8% YoY

According to the officially published financials of Azovstal, its net sales in 2007 grew to USD 3.243 billion up by 30.8% YoY while net income almost doubled to USD 420.3 million up by 92.4% YoY and the the net margin grew to 13%.

Mr Yuriy Ryzhkov analyst with Millennium Capital said that “The improved financials stem from increased prices for steel products, which compensated for raw materials prices growth on top of AZST's crude steel output, which grew to 6.3 million tonnes up by 5.4% YoY in 2007. The reported net sales are only 0.6% above and net income 10.6% below our estimates.”

(Sourced from Millennium Capital)