The net profit of Novolipetsk Steel increased by 43.6%

The net profit of Novolipetsk Steel (NLMK) under Russian Accounting Standards (RAS) surged 43.6 percent to RUR50.508bn (approx. USD1.94bn) in 2006 compared to a year earlier, the company's official documents state. NLMK's revenue went up 17.7 percent to around RUR140.302bn (approx. USD5.40bn) in 2006. Gross profit soared 28.8 percent to nearly RUR65.348 (approx. USD2.52bn) and sales profit stepped up 21.5 percent to almost RUR55.838bn (approx. USD2.15bn). The company attributes these results to higher sales volume and an increase in prices on NLMK's products, as well as to sale of two of its subsidiaries in 2006.