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Last Updated: Aug 27, 2008 - 11:18:45 AM |
Novolipetsk, controlled by billionaire Vladimir Lisin, forecast on
Tuesday core earnings could exceed $5 billion and revenues $13 billion
for the full year of 2008.
"We expect that the second half of the year will remain quite strong,
driven by increased production, improvements in operational performance
and robust demand in our core markets," chief financial officer Galina
Aglyamova said in a statement.
Profit beat Renaissance Capital's estimates and was less than UBS and
Troika Dialog expected. NLMK said revenues rose 63 percent to $5.88
billion in the first six months of the year.
Earnings before interest, taxation, depreciation and amortization rose
by 47 percent to $2.31 billion, NLMK said. EBITDA margin for the period
was 39 percent, compared with 44 percent in the first half of 2007.
NLMK's board has recommended an interim dividend of 2 rubles (8.1
cents) per ordinary share for the first six months of 2008. Payment is
subject to shareholder approval at an extraordinary meeting scheduled
for Sept. 19.
The company said July 15 that second-quarter output of all products
apart from hot-dip galvanized steel and dynamo steel advanced by 14 to
34 percent compared with a year earlier. Prices climbed 13 percent to
99 percent in the period.
Source:Ocnus.net 2008
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