The net profit of the metalinest in the first quarter of 2013 decreased by 27 percent

The leading Russian manufacturer of iron ore company Metalloinvest for the first time in the history of its activities published an intermediate quarterly report on financial results for the first quarter of 2013. The company received $ 275 million, which was controlled by one of the richest businessmen of the Russian Federation Alisher Usmanov, received $ 275 million, which is 27.2 percent lower than in the first quarter of 2012. This is stated in the message of the metalinest.

“The disclosure of intermediate financial results on a quarterly basis is a debut for us. From now on, we are going to reveal our key financial results and corporate events every quarter. Despite the fact that we are a private company, we understand that it is very important to be open and transparent for the investment community, and therefore we continue to improve the information disclosure system. According to the results of the first quarter, the company's results surpassed our expectations as of the end of 2012, ”Pavel Mitrofanov, the financial director of the company, said in the comments on the report.

Despite the rainbow mood of Mr. Mitrofanov, the key indicators of the metalinest in the first quarter were as follows:

- revenue decreased by 13.1 percent to 1 billion 945 million dollars;
- profit to taxation EBITDA decreased by 26.7 percent to $ 579 million;
- EBITDA profitability decreased to 29.8 percent from 35.3 percent in the first quarter of 2012.

"The dynamics of financial indicators for the first quarter of 2013 is due to a decrease in the average prices for iron ore and steel, as well as a decrease in the volume of shipments," the metalinest report said.

The production results of Metalloinvest for the first quarter of 2013 were as follows:

- iron ore production decreased to 9 million 500 thousand tons (-3.5 percent)
- the production of pellets decreased to 5 million 600 thousand tons (-2.7 percent)
- GBS/PVZ 1 million 400 thousand tons (+0.4 percent)
- cast iron production decreased to 500 thousand tons (-7.8 percent)
- Steel smelting decreased to 1 million 300 thousand tons (-9.8 percent)