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Russia’s MMK swings to $79 mln IFRS net loss in Jan-Mar

MOSCOW, Jun 20 (PRIME) -- Russia’s Magnitogorsk Iron and Steel Works has switched to a U.S. $79 million net loss in January-March against a $19 million of net profit in the previous year due to a $118 million loss from difference in currency fluctuations, the company said in a statement on Friday.

Revenue decreased 17.7% on the year to $1.879 billion in January-March, while earnings before interest, taxes, depreciation and amortization (EBITDA) fell 22.8% to $294 million with the EBITDA margin standing at 15.6% against 16.7% last year.

The figures are calculated under International Financial Reporting Standards

For further details, please, see the company’s report on its official Web site:

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