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Russia's Evraz posts $1 mln net profit in H1

Reuters - UK Focus

MOSCOW, Aug 27 (Reuters) - Russia's largest steelmaker Evraz said on Wednesday it swung to a first-half net profit of $1 million after a year ago loss of $146 million due to asset optimisation and cost efficiency gains, but missed analysts expectations.

The company, controlled partly by Chelsea soccer club owner Roman Abramovich, said revenue fell 7 percent to $6.8 billion, while consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 17 percent to $1.1 billion.

Analysts had expected Evraz (LSE: EVR.L - news) to report a net profit of $98 million in the first half of 2014. (Reporting by Maria Kiselyova; Editing by Polina Devitt)