Magnitogorsk Iron & Steel Works (MMK) saw its net profit to International Financial Reporting Standards (IFRS) shrink by 17 percent in 2008 to 1.081 billion dollars, the Russian steel major said in a statement issued April 30. Sales revenue grew 29 percent to 10.55 billion dollars. Writedowns totaled 617 million dollars. EBITDA fell 8 percent to 2,204 billion dollars and the EBITDA margin was level with 2007 at 20.9 percent. Analysts said in a consensus-forecast that they thought net profit at MMK would fell 28.3 percent to 41.27 billion before write-downs. They said they thought revenue would grow 26.4 percent to 10,359 billion dollars, and EBITDA - 3.4 percent to 2,421 billion dollars.
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