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Russia's Mechel says Q4 net profit at 1.6 bln roubles
April 26, 2017 / 10:40 AM / 8 months ago

Russia's Mechel says Q4 net profit at 1.6 bln roubles

MOSCOW, April 26 (Reuters) - Russian metals and mining giant Mechel said on Wednesday it posted a net profit of 1.6 billion roubles ($28.30 million) for the fourth quarter of 2016, versus a net loss of 2.8 billion roubles in the previous quarter.

Revenue increased 20 percent quarter-on-quarter to 79.7 billion roubles, Mechel said, and the company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) jumped 55 percent to 24.6 billion roubles.

Chief Executive Oleg Korzhov said capital expenditure would total 12.5 billion roubles in 2017.

“The cashflow generated by the Group enables us to service our debt, operate successfully and, if the current favourable market situation holds, begin to decrease our debt burden,” he said in a statement. ($1 = 56.5450 roubles) (Reporting by Jack Stubbs; Editing by Maria Kiselyova)

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