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)