Metafrax boosts RAS net profit by 37% in Q1
PERM. April 20 (Interfax) - OJSC Metafrax in Q1 2015 posted net profit to Russian Accounting Standards (RAS) of 1.593 billion rubles, which is 37% more year-on-year, the advisor to the chairman of the company's board of directors, Maria Konovalova, told Interfax.
The company's revenue rose by 30% to 4.445 billion rubles. The share of exports in sales amounted to 41% against 46% in the same period of last year.
The company's board chairman, Armen Garslyan, told Interfax that the growth of net profit and revenue was tied to the increase of the physical volumes of sales, the favorable pricing situation and also in part to the positive exchange rate differences at the beginning of the year.
"In Q1 the enterprise worked at 100% capacity along the whole production line. In addition, the negative expectations concerning the fall of prices and a reduction of the market were not justified," he said.
Metafrax is one of the largest producers of methanol and formalin in Russia.