Food Contract Corp ups IFRS net profit 25.4% in 2012
ALMATY. June 3 (Interfax) - Kazakhstan Food Contract Corporation (Prodkorporatsia), which is the grain purchasing operator for the state reserve, reported a net profit of 1.053 billion tenge in 2012, up 25.4% from 2011, according to the company's financial statement to International Financial Reporting Standards (IFRS).
Prodkorporatsia's gross profit skyrocketed 230% to 24.6 billion tenge, earnings rose 16.2% to 71.9 billion tenge, and profit before tax soared 70% to 1.9 billion tenge.
The Food Contract Corporation's assets rose by 3.6% to 242.8 billion tenge in 2012, liabilities were up 2.9% to 181 billion tenge, equity climbed 5.8% to 61.8 billion tenge, and charter capital rose 5.2% to 48.3 billion tenge.
Prodkorporatsia is part of the government agriculture holding company KazAgro.
The official exchange rate on June 3 was 151.36 tenge/$1.
