June 8, 2015 / 7:12 AM / 2 years ago

Russia's MMK says Q1 sales reach $1.5 bln, down 19.6 pct y/y

MOSCOW, June 8 (Reuters) - Russian steel producer MMK said on Monday first quarter revenue had fallen 19.6 percent year-on-year to $1.5 billion largely because of the rouble devaluation, and that net profit reached $196 million.

The company, controlled by businessman Viktor Rashnikov, said its EBIDTA - earnings before interest, taxation, depreciation and amortisation - had risen by 60 percent year on year to $470 million.

In a statement, MMK said it expected a fall in sales in the second quarter due to an earlier than usual restocking by metal traders and a deceleration of business activity in the construction sector.

But this would be compensated by recovering domestic prices, maximum capacity utilisation in key production facilities and a decrease in the company’s expenses, it said. (Reporting by Elizabeth Piper and Lidia Kelly, editing by Timothy heritage)

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