Metafrax boosts RAS net profit 70% in H1
PERM. July 21 (Interfax) - OJSC Metafrax boosted net profit 70% in H1 2015 year-on-year to 3 billion rubles under Russian Accounting Standards (RAS), a company spokesman told Interfax, citing provisional data.
Revenue rose 30.6% to 8.55 billion rubles in the six months. The share of exports in sales amounted to 37.1% against 42.2% in the same period of last year.
"The improvement in financial indicators is due to higher production and sales volumes and the favorable situation on the Russian market for methanol and derivatives. In this period the enterprise's product lineup expanded into low-tonnage refined products: micronized urotropine (hexamine) and pentaerythritol," the spokesman said, citing board chairman Armen Garslyan.
Metafrax produced 538,000 tonnes of methanol in H1 2015, up 1% year-on-year, 181,300 tonnes of formalin, up 7%, 89,800 tonnes of carbamide-formaldehyde concentrate, down 6%, 14,800 tonnes of urotropine, up 1%, and 12,000 tonnes of pentaerythritol, up 9%. It also produced 165 tonnes of micronized urotropine and 712 tonnes of micronized pentaerythritol.
Investment totaled 1.069 billion rubles in H1 2015, triple the amount invested in the same period last year.
As earlier reported, Metafrax plans to invest over 30 billion rubles to upgrade existing capacity and build new production capacity in 2015-2020.