On April 14, 2016, CJSC Russian Copper Company (RMK) has disclosed its IFRS financial performance results for the first time in 10 years. According to a press conference statement made by RMK’s vice president for finance and economy Maxim Shchibrik, the company’s revenue in 2015 increased by 38.7 percent to RUB74.9 billion (USD1.16 billion) from RUB54 billion (USD0.84 billion).

The adjusted net profit of RMK (unadjusted for exchange rate differences) went up 36.9 percent to RUB14.1 billion (USD0.22 billion) from RUB10.3 billion (USD0.16 billion).

Mr. Shchibrik noted that in 2015, the company’s revenue in U.S. dollar terms was USD1.299 billion, and the EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to USD431 million. The EBITDA margin was 35.1 percent.

According to the AK&M-List database, the last time that RMK disclosed consolidated performance results was in 2006 before placing a bonded loan. The IFRS net profit of RMK for 2006 was USD142 million, the revenue was USD1.034 billion, and the EBITDA amounted to USD309.343 million.

RMK top managers would not comment on reasons behind the decision to resume disclosing financial performance results. Mr. Shchibrik denied the company’s IPO plans, but did not rule out placing RMK bonds this year. If a bond offering goes further, the company would be obligated to provide its financial results to potential investors.

CJSC Russian Copper Company was established in 2004 and accounts for 21 percent of Russia’s copper production. RMK includes 20 mining and metallurgical enterprises. The company’s production capacity stands at 200 thousand tons per annum of cathode copper and 190 thousand tons per annum of copper wire rods.

Igor Altushkin, the chairman of the board of directors of RMK, beneficially owns the mining giant through the Russian Copper Company.