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Mechel’s Quarterly Profit Four Times Below Estimates

Oct. 5 (Bloomberg) -- OAO Mechel, Russia’s largest producer of steelmaking coal, posted second-quarter profit that missed analyst estimates by more than four times.

Net income was $38.2 million compared with $219 million a year earlier, Bloomberg calculations show. That fell short of the $175 million median estimate of five analysts in a Bloomberg survey. Second-quarter net income was derived by subtracting first-quarter profit from first-half profit.

Sales jumped 90 percent $2.43 billion during the quarter from a year earlier, according to the calculations.

For the first half, Mechel swung to a profit of $120.8 million from a loss of $471 million a year earlier, it said in a statement on its website. Revenue rose 76 percent to $4.33 billion during the six months, the company said.

To contact the reporters on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net

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