UPDATE 1-Russia's Evraz back in profit, Ukraine assets unscathed

miércoles 27 de agosto de 2014 04:40 GYT
 

* Evraz H1 net profit misses forecast, sales down 7 pct

* Evraz says H1 EBITDA up 17 pct, beats forecast

* Says Ukraine generates 6 pct of group revenue (Adds details, quotes, context)

MOSCOW, Aug 27 (Reuters) - Russia's largest steelmaker Evraz returned to net profit in the first half of 2014 and said its assets in Ukraine remained unaffected by unrest in the country for now.

The company, partly controlled by Chelsea soccer club owner Roman Abramovich, swung to a first-half net profit of $1 million after a loss of $146 million in the same period last year, it said on Wednesday.

"This is mainly the result of an improvement in business performance," Giacomo Baizini, Evraz chief financial officer, said in a statement.

Baizini said asset optimisation and cost efficiency measures contributed $193 million during the period, excluding the impact of foreign exchange. Revenue fell 7 percent to $6.8 billion.

In the face of a weak global steel market, Evraz sold a plant in the Czech Republic and a part of a South African asset in the first half of 2014.

The company's net profit missed the average forecast of $98 million in a Reuters poll of analysts. There was a wide range of estimates due to differences in the expected valuations of foreign exchange fluctuations and one-off items.   Continuación...