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Evraz Group 6-month Loss Reduces - Quick Facts

(RTTNews) - Evraz Group S.A. (EVR.L) said its half-year pre-tax loss narrowed to US$264 million from US$1.26 billion a year ago.

Net loss for the half year narrowed to US$270 million from US$999 million in the previous year.

Loss per share attributable to equity holders of the parent entity was US$1.93, significantly narrower than US$7.55 last year.

Revenue for the six-month period ended 30 June, 2010 increased to US$6.38 billion from US$4.64 billion in the comparable period.

Giacomo Baizini, Evraz Group's finance chief, commented, "Our net loss of US$270 million resulted from two factors impacting our net result: (a) the adoption last year of the revaluation model of accounting for property, plant and equipment (the net effect on the net profit in 1H 2010 was US$416 million); and (b) a number of one-off transactions totalling US$138 million. In the absence of these factors, our net profit for the first half of 2010 would have amounted to US$284 million."