OREANDA-NEWS. On 13 May 2009 Dorogobuzh (a company of Acron Group) announced its RAS results for Q1 2009.

• Revenues totaled RUR 2.57 billion, a 7% decline year-on-year (Q1 2008: RUR 2.75 billion).

• Operating profit worked out at RUR 629 million, a 45% decrease as compared with RUR 1.14 billion in Q1 2008.

• EBITDA* shrank 42% year-on-year to RUR 681 million (Q1 2008: RUR 1.17 billion).

• EBITDA margin was 27% - down from 43% in Q1 2008.

• Net profit totaled RUR 1.06 billion, including gain of RUR 713 million due to mark-to-market revaluation of Dorogobuzh’s financial investment. Therefore, net profit before revaluation declined 57% year-on-year to RUR 351 million against RUR 820 million in Q1 2008.

*EBITDA is calculated as operating profit plus depreciation and amortization.