- May 19, 2018 -
Russia's MMK Group's earnings rose in the first quarter but still lower than expected
The Russian steel company Ma Gang (MMK) announced on Tuesday that the company’s main business earnings in the first quarter was US$560 million, which was 23.9% higher than the same period of last year, but it was still lower than analysts’ forecasts.
A recent survey showed that analysts generally expect that MMK, led by Russian businessman Viktor Rashnikov, will increase its EBITDA by 26% in the first quarter of 2018 to $571 million.
According to MMK, the EBITDA value in the first quarter fell by 5.4% qoq, mainly because the increase in raw material prices and the strengthening of the ruble increased the cost of sales.