OREANDA-NEWS. On 31 August 2009 Veles Capital Released Daily Review:

LUKOIL provided strong results for 2Q 2009. LUKOIL provided its report by US GAAP for 1H 2009 and 2Q 2009. The report of the company provides for the conclusion that in 2Q 2009 the company lowered its net profit by 1.8 times to 2,324 mn USD. The result has exceeded all the expectations of the market (1.8 bn USD) and our forecasts (2.05 bn USD). At the same time the profit of the oil company indicated growth versus 1Q 2009 by 102.3%.

NLMC closed 1H 2009 with net loss of 243 mn USD. Novolipetsk Metallurgy Company completed 1H 2009 with net loss by US GAAP of 242.9 mn USD. EBITDA within January-June reduced by 5 times versus the similar period of the previous year – to 431 mn USD, sales – twice lower – to 2.586 bn USD. Net loss of the company in 2Q totaled 49 mn USD, sales 1.29 bn USD, EBITDA -234 mn USD. NLMC is expecting EBITDA margin in 3Q 2009 to be at the level of 20-25% versus 17% in 1H 2009 and 18% in 2Q 2009. The company has also upped its forecast on the output within a year by 4% to 10.5 mn tons. Steel smelting in 3Q 2009 is expected to be at the level of 2.9 mn tons (growth by 8% versus the level of 2Q 2009).