Ruukki Group Plc, (RKKI.L), which engages in mining, processing, marketing, and sale of chrome products in Finland, Wednesday reported a wider pre-tax loss for the first quarter. After tax, the company posted breakeven earnings compared with a loss last year.
Loss before tax widened to 2.7 million euros from prior year's figure of 2.1 million euros last year.
Revenues declined to 31.6 million euros compared with 45.6 million euros reported during the first quarter last year.
For the three-month period, the company reported breakeven earnings, compared to loss of 2.1 million euros reported during the corresponding quarter last year.
EBITDA was 4.2 million euros for the quarter, compared with 3.1 during the same period last year.
Danko Koncar, CEO, said, "Regardless of the sales being lower in the first quarter compared to the equivalent period last year, mainly due to participation in Eskom's electricity buyback program in South Africa, but also due to our decision to remain disciplined and not compromise our sale prices or margins in a very weak market, we have improved results."
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