Mechel Open Joint Stock Co., a Russian miner, said Monday its fiscal first-quarter profit more than doubled and its revenue jumped, due in part to favorable market conditions.
For the period ended March 31, the Moscow-based company posted a profit of $500 million, or $1.20 per ADR, compared with $190.7 million, or 46 cents per ADR, in the year-ago period.
ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
Revenue jumped to $2.33 billion from $1.42 billion.
"Conditions in the markets we serve continue to be favorable and are driven by a combination of growth factors," Igor Zyuzin, chief executive, said in a release.
The company's products include coal, iron ore, nickel and steel.
Shares rose $1.98, or 4.5 percent, to close Monday at $46.50.
Terms & Conditions
RSS Headlines
Fool UK