MOSCOW, April 5 (Reuters) – Russia’s Magnitogorsk (MMK) (MAGN.MM) said on Monday its 2009 net profit reached $219 million, beating forecasts, thanks to a strong performance in the final quarter after breaking even in the first nine months.
The result exceeded analyst expectations for a full-year net profit of $151 million according to a Reuters poll.
Full year revenue reached $5.08 billion, down from $10.6 billion in 2008.
The company, controlled by billionaire Viktor Rashnikov, also said it expects 2010 production to exceed last year’s level by 30 percent. (Reporting by Alfred Kueppers)