Severstal’s profit rose by 42 times over 9 months

​The net profit of Severstal under IAS rose by 42 times in Jan-September 2015 in annual terms to $676 mln. However, the company’s revenue fell by 22% to $5 bln, EBITDA – by 5.3% to $1.7 bln.

EBITDA profitability made up 33.9% against 25.1% a year earlier. The revenue fell mainly due to the price fall for products, Severstal reports.

The net loss made up $130 mln in Q3 against the profit of $469 mln in Q2. The loss from the currency exchange difference at the volume of $515 mln had a negative impact on it. If not to take into account this non-monetary factor, the net profit of Severstal in Q3 would amount to $385 mln.

In September Severstal realized the “put” option by the convertible bonds to be settled in 2017 for the main part of the debt of $390 mln. The volume of the part of the main debt which stays unsettled by the convertible bonds is $61.8 mln.