MOSCOW, July 31 (RIA Novosti) - Mechel said on Friday its net profit calculated to Russian Accounting Standards for the second quarter of this year stood at 4.5 billion rubles ($144 million).
Russia's leading mining and metal company said the profits of 4.5 billion rubles (around $ 144 million) in April-June compared with first quarter net losses of 5.6 billion rubles ($179.5 million).
The rise in profits for April-June was due to the revaluation of corporate investments, a correction in the market prices of financial investments and exchange rate differences following a revaluation of assets, the company said.
Mechel is one of Russia's leading companies, uniting producers of coal, iron ore, concentrate, nickel, steel, rolled products, hardware, and thermal and electric power.
