MMK Illicha Steel AGM: No Dividends
6 August 2008
At their AGM on Friday, MMK Illicha Steel (MMKI: U/R) shareholders approved the company’s 2006 financial results, posting net revenues of USD 2.9 bln (+0.5% yoy), profit before tax of USD 291 mln (down 22% yoy), and net income of USD 180 mln (down 28.4% yoy). Shareholders voted against paying dividends. In 2007 the company plans CapEx of USD 332.1 mln, sales of USD 3.4 bln and net income of USD 306.5 mln. Eugene Cherviachenko: The company’s target for sales is in line with our projections (USD 3.4 bln), while their target for net income is 19% below our forecast.
