Mechel OAO a leading Russian integrated minin and metals group announced financial results for the first quarter ended March 31st 2008.
Highlights
1. Revenues increased 64.1% YoY to USD 2.3 billion
2. Operating income increased 112.3% YoY to USD 0.64 billion
3. Net income increased 162.2% YoY to USD 0.55 billion or USD 1.20 per ADR /diluted share
| | Q1'08 | Q1'07 | Change |
| Revenues | 2.33 | 1.42 | 64.1% |
| Net operating income | 0.64 | 0.30 | 112.2% |
| Net income | 0.50 | 0.19 | 162.1% |
| EBITDA | 0.85 | 0.34 | 151.0% |
(In USD billion)
Mr Igor Zyuzin CEO of Mechel said that “Our final results for the 2008 first quarter came in as we expected, and reflect strong operational and financial performance. Conditions in the markets we serve continue to be favorable and are driven by a combination of growth factors. We are very pleased to have reported record revenue and we remain focused on the successful execution of our operating strategy.”