Goldman loses $428 million in third quarter
Analysts had been expecting, on average, a loss of 16 cents per share, according to Thomson Reuters I/B/E/S.
Analysts had been expecting, on average, a loss of 16 cents per share, according to Thomson Reuters I/B/E/S.
* H1 EBITDA $1.62 bln, poll forecast $1.65 bln* Company says recent trading hit by several factors* Will pay interim, special dividendOct 12 (Reuters) - Russian steelmaker Evraz said on
Wednesday it has experienced weaker trading in recent weeks due
to lower production and export prices in part caused by the
challenging global economic environment.”The group’s recent trading has been impacted by scheduled
repairs, lower production volumes, a weak market environment in
the Czech Republic and a change in product mix in South Africa,”
Chief Executive Alexander Frolov said in a statement.”In addition, in recent weeks, there have been some
decreases in export prices,” he added.Evraz, part-owned by billionaire Roman Abramovich, posted a
first half net profit of $263 million, well below expectations,
although it said one-off losses related to the conversion of
debts had reduced the figure from $494 million.Even so, analysts polled by Reuters had expected the company
to report a first half net profit of $614 million, compared to a
year-earlier loss of $270 million.Evraz also announced it would pay its first interim dividend
since 2008 of $0.60 a share and a special dividend of $2.70 a
share.Steel makers in Russia, the world’s fifth largest producer,
are benefiting from their position as low-cost producers as well
as rising demand in their home market.Evraz said steel sales in the CIS rose to 68 percent of the
total compared to 53 percent in the same period last year, due
to increased private sector activity and government
infrastructure projects.The company reported first half earnings before interest,
taxation, depreciation and amortisation (EBITDA) of $1.63
billion, up from $1.15 billion in the year-earlier period and
just below the $1.65 billion poll forecast.Revenues were $8.4 billion, up from $6.38 billion and more
than the $8.14 billion poll forecast.The company’s total debt stood at $6.04 billion at the end
of the first half, compared to $7.81 billion at the end of 2010.
