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Reports Russia

Russian stock market daily morning report (August 28, 2014, Thursday)

August 28, 2014, Thursday, 09:37 GMT | 04:37 EST | 13:07 IST | 15:37 SGT
Contributed by Veles Capital

Major indices of the western trade grounds did climb but the raise was insignificant. Trade at the Asian region was mixed. In case the situation develops into tension around the geopolitical conflict at the East of Ukraine, all the positive factors might be exhausted or out of focus. Therefore, the trade is likely to open at the level of trade close on Wednesday.

Main events

Inter RAO provided optimistic results for 1h 2014.

Inter RAO provided its consolidated results for 1H 2014, which turned out to be above targets. Sales of the company added 11% to 352.9 bn RUR (above the consensus forecast of 350 bn RUR). EBITDA of the company grew 30.1% to 28.1 bn RUR (outperforming the consensus forecast of 26 bn RUR). The net profit formed 6.86 bn RUR vs loss of 13.85 bn RUR for the previous year.

Mechel offered a plan on restructuring the arrearage of the company.

The company offers to start payments on the body of the debt in 5-7 years. We assume that delay of the matters of settling the credit actually means relocating the debt problems to third parties – the ones that would be managing the banks-creditors in 5-7 years.