MOSCOW, July 2 (RIA Novosti) - Severstal [RTS: CHMF] said Monday its net income, calculated to International Financial Reporting Standards (IFRS), increased by an annual rate of 82% in January-March 2007, to $396 million.
Russia's second-largest steel producer said earnings per share rose more than 62% in the reporting period, to $0.39, compared with $0.24 in the first quarter of 2006.
Severstal attributed its strong year-on-year growth in the first quarter of 2007 to the favorable world market situation, increases in raw materials, energy and labor costs passed on to customers and its 2006 investment program yielding good results.
The company's revenues climbed 34.9% in the reporting period, to $3.7 billion, and earnings before interest, taxes, depreciation and amortization (EBITDA) went up 43%, to $921 million, Severstal said in a statement.
Severstal expanded steel output by 2.3%, year-on-year, in 2006, to 11 million metric tons.
