Chelyabinsk Zinc ups net profit 87% to 226 mln rubles in Q1
CHELYABINSK. April 25 (Interfax) - Chelyabinsk Zinc Plant posted a net profit of 226.041 million rubles in the first quarter of 2014 under Russian accounting standards, 87% more than in the same period last year, the company reported.
Revenue declined 9.66% year-on-year to 2.405 billion rubles in the three months.
The company has not yet commented on the financial figures, and the report also does not provide any commentary.
Main financial figures ('000 rubles):
| Q1 2014 | Q1 2013 | |
| Sales revenue | 2 404 633 | 2 661 658 |
| Cost of sales | 1 794 487 | 2 192 191 |
| Gross profit | 610 146 | 469 467 |
| Operating profit | 278 923 | 165 188 |
| Profit before tax | 289 687 | 158 494 |
| Net profit | 226 041 | 121 056 |
Accounts payable grew to 1.934 billion rubles as of end-Q1 from 1.624 billion rubles at the beginning of the year. Accounts receivable increased to 1.638 billion rubles from 1.312 billion rubles.
Chelyabinsk Zinc Plant, Russia's largest producer of metallic zinc and its alloys, produced 166,300 tonnes of commercial zinc in 2013.
A consortium of investors that included Ural Mining and Metallurgical Company (UMMC) and Russian Copper Company (RMC) closed a deal in the fall of 2009 to acquire 100% of NF Holdings B.V. (Netherlands), which controlled 58% of Chelyabinsk Zinc. According to Chelyabinsk Zinc, UMMC owns 47% of NF Holdings B.V. and RMC owns 37%.
