VSMPO-Avisma net profit to RAS down 1.8% to 18.79 bln rubles in 2018
YEKATERINBURG. March 4 (Interfax) - VSMPO-Avisma Corporation , Russia's leading titanium producer, reported net profit to Russian Accounting Standards down 1.8% in 2018 to 18.79 billion rubles, the company said in reporting.
Revenue was up 23% to 89.07 billion rubles, of which 83.08 billion rubles from the sale of titanium products, up 24.7%, with 24.35 billion rubles of this on the domestic market, up 25%; 57.88 billion rubles in non-CIS countries, up 24.5%; and 852 million rubles in CIS countries, up 28.7%.
Cost of goods sold grew 17.1% to 48.96 billion rubles, gross profit grew 1.3-fold to 40.1 billion rubles, and profit from sales grew 1.4-fold to 31.85 billion rubles.
The company's other expenditures grew from 6.23 billion rubles in 2017 to 14.7 billion in 2018. Income remained practically unchanged, edging down from 4.8 billion rubles to 4.42 billion rubles.
As a result, profit before taxes fell 2.7%.
According to an explanatory note attached to the report, EBITDA totaled 28.15 billion rubles in 2018, a 3.4% decrease compared with 2017.
VSMPO-Avisma financial highlights ('000 rubles):
| 2018 | 2017 | |
| Revenue | 89 068 889 | 72 434 556 |
| Cost of goods sold | 48 964 386 | 41 809 226 |
| Gross profit | 40 104 503 | 30 625 330 |
| Sales profit | 31 847 229 | 22 820 996 |
| Profit before taxes | 22 826 596 | 23 448 049 |
| Net profit | 18 788 910 | 19 138 279 |
The company's accounts payable grew from 8.48 billion rubles on December 31, 2017 to 12.24 billion on December 31, 2018, while accounts receivable grew from 18.86 billion rubles to 27.94 billion.
VSMPO-Avisma is the main titanium supplier for many of the world's aerospace companies, including Boeing, Airbus and Embraer. The company is controlled by its management, and state corporation Rostec holds a stake of 25% plus one share.