August 22, 2018 / 10:09 AM / 3 months ago

Russia's Mechel says Q2 net profit down 57 pct qtr/qtr

MOSCOW, Aug 22 (Reuters) - Russian metals and mining group Mechel said on Wednesday its net profit in the second quarter was down 57 percent compared with the first quarter to 1.4 billion roubles ($20.90 million).

Mechel's revenue was up 10 percent quarter-on-quarter to 82.2 billion roubles while EBITDA rose 25 percent to 23 billion roubles, the company said in a statement.

"Even though in June the 2018 FIFA World Cup put a damper on construction activity and overall demand, the price level for our products was higher quarter-on-quarter, which supported our financial results," CEO Andrey Ponomarev said.

Its net profit in the first half of the year was down 6 percent year on year while EBITDA increased 3 percent.

$1 = 66.9725 roubles Reporting by Anastasia Lyrchikova Writing by Polina Nikolskaya Editing by Maria Kiselyova

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