Net income was up 50.6% in 2006

JSC Magnitogorsk Iron & Steel Works, one of Russia’s leading integrated steel companies, announced its audited consolidated financial statements for FY 2006, reported in accordance with US Generally Accepted Accounting Principles (US GAAP).

MMK Group’s net revenues in 2006 were up by 19.4% to $6.424 billion ($5.380 billion in 2005), meanwhile cost of products sold (excluding depreciation and amortization) rose only by 10.5%.

Income from operating activities increased 33.4% y-o-y ($1.765 billion in 2006). Operating income margin increased to 27.5%. Adjusted EBITDA increased 32.7% to $2.005 billion ($1.511 billion in 2005) and adjusted EBITDA margin reached 31.2%.

In 2006 MMK significantly improved net income results.  Net income was up 50.6% in 2006  and reached $1.426 billion by the end of 2006 or EPS of 0.14 USD. Net income  margin increased to 22.2%.