Evraz KGOK boosts RAS net profit 28% in 2013
YEKATERINBURG. March 27 (Interfax) - OJSC Evraz Kachkanar Mining and Processing Plant (Evraz KGOK), based in the Sverdlovsk region, boosted net profit to Russian Accounting Standards (RAS) 27.6% in 2013 to 10.771 billion rubles, the company said in its yearly accounting report.
Revenue was down 4% at 27.537 billion rubles.
The company did not specify the reasons for these financial results. An explanatory note to the report did say the company's financial state, its liquidity, financing sources and performance results depend very little on exchange rate fluctuations.
"To decrease the influence of exchange rate fluctuations, contracts with consumers on the Russian market are signed in terms of the ruble. The share of exports in the plant's overall shipments was 8% for 2013, and 5% for 2012. All operating costs are financed through revenue. To lower the influence of this risk, the group could raise the price for the products being sold," the note says.
Main Financial Results ('000 rubles):
| 2013 | 2012 | |
| Sales revenue | 27 537 405 | 28 699 262 |
| Cost of sales | 15 406 188 | 14 877 333 |
| Gross profit | 12 131 217 | 13 821 929 |
| Operating profit | 9 255 206 | 10 941 359 |
| Profit before tax | 13 510 681 | 10 609 439 |
| Net profit | 10 770 962 | 8 439 042 |
Payables advanced 300% to 11.934 billion rubles as of December 31, 2013 from 2.941 billion rubles at the end of 2012. Receivables grew 340% to 13.211 billion rubles in 2013 from 3.22 billion rubles in 2012.
