MOSCOW, April 15 (RIA Novosti) - Russian steel and coking coal producer Mechel posted a $1.114 billion US GAAP net loss for October-December 2012, down from a $54.911 million net profit in the third quarter of last year, the company said on Monday.
Mechel’s net loss was mostly due to the “disposal of non-current assets, impairment of long-lived assets and goodwill, and provision for amounts due from related parties,” the company said.
The company’s fourth-quarter revenues from external customers fell by 7 percent on the previous quarter to $2.521 billion while revenues from intersegment sales grew by 1.7 percent to $355.978 million. Operating losses reached $933.369 million compared with an operating income of $129.409 million in the third quarter of 2012.
Adjusted fourth-quarter EBITDA fell by 73.3 percent on the previous quarter to $100.389 million with adjusted EBITDA margin falling to 4 percent from 13.9 percent.
Mechel posted a 2012 annual net loss of $1.665 billion, compared with a net profit of $727.9 million a year earlier.
