MOSCOW, May 12 (RIA Novosti) - NLMK (RTS: NLMK), one of Russia's leading steel producers, said on Monday that its net profit calculated to Russian Accounting Standards had fallen 22.3% year-on-year to 7.4 billion rubles ($310 million) in January-March.
The company said the decline was primarily due to lower export sales revenue, as the delivery setup was changed to increase control over the quality and period of delivery of NLMK Group's products to its overseas customers.
"This enlarged the gap [approximately two weeks] between the date of product sale and the date of sales revenue recognition in the Company's financial accounts," NLMK said in a news release.
The company's earnings increased 5.7% to 38.6 billion rubles ($1.6 billion), while sales proceeds declined 14% to 9.8 billion rubles ($412 million).
