Novolipetsk Steel, one of Russia's largest steel and rolled stock producers, said its sales revenue increased 42% to $3.6 billion in January-June, with gross profits rising 52% to $1.7 billion.
Operating income increased 50% to $1.38, while earnings before income, taxes, depreciation and amortization (EBITDA) grew 59% year-on-year in the reporting period, to $1.57 billion.
"The company's sound performance was driven by the favorable pricing environment in our core markets, asset consolidation and a well-balanced sales structure," Galina Aglyamova, vice president and chief financial officer, said commenting on the results.
The company's net profit calculated to Russian Accounting Standards for the first half of 2007 was 20.22 billion rubles ($790 billion), a 22.3% decline year-on-year.
The integrated steel-making company produces pig iron, slabs, hot-rolled, cold-rolled, galvanized, pre-painted, and grain- and non-grain-oriented steel.
Novolipetsk Steel increased its steel production by 7.8%, year-on-year, in 2006, to 9.13 million metric tons. Vladimir Lisin, chairman of the Novolipetsk Steel board of directors, controls over 80% of the company's stock.
