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Daily review - June 04, 2009
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On Wednesday the Russian share market opened with growth, however optimism did not last long. Along with the oil the RTS index turned around also, and all day long the negative mood prevailed. The former growth leaders were for sale: Sberbank, Gazprom, LUKOIL, Norilsk Nickel. Besides negative was added by the report of LUKOIL, which turned out to be worse than expected. In the afternoon the down movement worsened due to negative stats from the abroad. Telecommunication sector looked better than the market and its index added more than 1%. Positive went mainly on the information on reorganizing Svyazinvest, and also due to the report of Centrtelecom by IAS for the previous year.
Main Stock news
LUKOIL provided an expected report for 1Q 2009.
LUKOIL provided its report by US GAAP for 1Q 2009. The report indicates that within the reported period LUKOIL reduced the net profit by 71.4% to 905 mn USD versus 3.16 bn USD within the similar period of the previous year.
Mechel upped its net profit by US GAAP in 2008 by 25% to 1.14 bn USD.
Net loss in 4Q 2008 totaled 497 mn USD. Sales reached 9.95 bn USD in 2008 (up by 49%). Net debt of Mechel as of December 31 2008 totaled 5.1 bn USD, the total debt – 5.4 bn USD. The volume of capital expenses formed 1.2 bn USD in 2008, for 2009 Mechel plans the capital investments program in the amount about 723 mn USD.
Management reshuffle in Rostelecom.
Anton Kolpakov has been assigned director general of Rostelecom, JSC. Such a decision has been made at the session of Rostelecom’s board of directors. A contract will be signed with Kolpakov for the period of two years. Kolpakov took the seat of Konstantin Soloduhin. The main objectives of Kolpakov in Rostelecom will be improving the financial-economic estimates of the company, development of business on servicing large corporative clients, providing the integration process of Svyazinvest group’s companies in course of restructuring.
Daily review - June 04, 2009 (stock news)