Net Profit of OAO West Siberian Iron and Steel Plant (ZapSib) Increased by 672,2% in Third Quarter of 2006
OREANDA-NEWS. OAO West Siberian Iron and Steel Plant (ZapSib), a part of Evraz Group S.A. (LSE: EVR), filed financial results with the Federal Financial Markets Service of the Russian Federation (FFMS) for the three months ended September 30, 2006. The results are prepared in accordance with Russian accounting standards (RAS).
According to the press service of Evraz Group S.A., the net profit of ZapSib for the third quarter of 2006 went up 672,2% as compared with the third quarter of 2005 and has made 5 billion 44 million roubles as a result of increased sales volumes and stronger prices in the domestic and export markets while the increased costs for iron ore were partially offset by lower prices for coking coal year-on-year. Growth of the net profit made 46,9% as compared with the second quarter 2006 (3 billion 434 million roubles).
The gross profit of ZapSib increased by 238,3% as compared with the third quarter 2005 and made 7 billion 557 million roubles. Growth of the gross profit as compared with the second quarter of 2006 (5 billion 907 million roubles) made 27,9%.
Sales profit increased by 377,8% as compared with the same period last year and by 30% as compared with the second quarter of 2006 and has made 6 billion 712 million roubles.
The revenues of ZapSib in the third quarter of 2006 made 20 billion 694 million roubles having increased by 76,3% as compared with the same period last year (11 billion 741 million roubles) and by 13% as compared with the second quarter of 2006, which totaled 18 billion 310 million roubles.