Uralhimmash boosts RAS net profit 10-fold in H1
YEKATERINBURG. Aug 16 (Interfax) - Uralhimmash in Sverdlovsk Region boosted net profit to Russian Accounting Standards (RAS) 10-fold year-on-year in H1 2017 to 89 million rubles, the company said in a quarterly report.
Revenues doubled to 2.1 billion rubles and gross profit was up 2.6-fold to 579.1 million rubles.
The company told Interfax that this financial performance was due an increasing volume of contracts and more profitable orders.
According to the report, in January-June 2017 Uralhimmash's main customers were LLC GasArtStroy, accounting for 55% of total revenue and Mubarek Gas Processing Plant in Uzbekistan, accounting for 31%.
Uralhimmash financial highlights, '000 rubles:
| H1 2017 | H1 2016 | |
| Revenue | 2 093 223 | 1 035 143 |
| Cost of sales | 1 514 106 | 810 310 |
| Gross profit | 579 117 | 224 833 |
| Operating profit (loss) | 287 432 | (26 049) |
| Pre-tax profit (loss) | 114 806 | (151 978) |
| Net profit | 89 027 | 8 757 |
The company's accounts payable increased from 1.993 billion rubles on December 31, 2016 to 2.42 billion rubles on June 30, 2017 while accounts payable fell from 2.743 billion rubles to 1.902 billion rubles.
