Chelyabinsk Zinc Plant more than halves Q1 earnings to RAS
CHELYABINSK. May 14 (Interfax) - Chelyabinsk Zinc Plant (CZP) saw its net profit to Russian Accounting Standards (RAS) fall 54.5% year-on-year in Q1 2013 to 121.056 million rubles, the company said in a statement.
Revenue grew 6% to 2.662 billion rubles.
The company says in its quarterly report that revenue growth in Q1 2013 was driven by a change in the product sales mix and higher revenue from the sale of by-products.
Operating profit fell by 145.4 million rubles compared with Q1 last year due to growth in production costs.
CZP financial highlights in Q1 2013 ('000 rubles):
| Q1 2013 | Q1 2012 | |
| Sales revenue | 2 661 658 | 2 512 571 |
| Cost of sales | 2 192 191 | 1 937 858 |
| Gross profit | 469 467 | 574 713 |
| Operating profit | 165 188 | 310 570 |
| Profit before tax | 158 494 | 340 453 |
| Net profit | 121 056 | 266 997 |
Receivables grew from 1.612 billion rubles to 1.823 billion rubles during Q1 2013, and payables from 1.056 billion rubles to 1.202 billion rubles.
CZP has said net profit tumbled 54.5% last year as a whole to 534.997 million rubles, and that revenue grew, by 1.8% to 10.805 billion rubles.
CZP is Russia's biggest zinc producer. Output of the metal grew 4.3% last year to 160,000 tonnes.
A consortium including Urals Mining and Metals Company (UMMC) and Russian Copper Company owns 58% of CZP.