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Severstal reports IFRS-based net loss
RBC, 19.11.2009, London 10:52:07.Severstal's net loss under IFRS amounted to $878m in the first nine months of 2009, whereas the company registered a net profit of $3.243bn for the corresponding period of the previous year, the Russian steel producer's financial statement reads. The company's revenue dropped 50.3 percent to $9.135bn against $18.373bn in January-September 2008, while operating profit stood at $4.255bn. EBITDA amounted to $207m, nearly 25 times less than in the reporting period of 2008, when it amounted to $5.067bn. At the same time, Severstal enjoyed a net profit of $66m in the third quarter of 2009. Furthermore, the company's revenue jumped 22.3 percent to $3.487bn in Q3 from Q2.
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