Metafrax Group doubles IFRS net profit in 2012
PERM. April 26 (Interfax) - The Metafrax Group doubled its net profit to International Financial Reporting Standards (IFRS) to 1.892 billion rubles in 2012, the company reported.
Maria Konovalova, the director of Metafrax's press service, told Interfax that increased production and product sales by OJSC Metafrax and LLC Metadinea, which are both part of the group, as well as improved price conditions on the market, were primarily responsible for higher profits.
Revenue was up 17.7% to 15.575 billion rubles.
Cost of goods sold grew 7.8% to 10.484 billion rubles, operating profit skyrocketed 110% to 2.292 billion rubles, and profit before tax soared 90% to 2.312 billion rubles.
Long-term liabilities jumped 120% to 1.663 billion rubles last year, and short-term liabilities climbed 170% to 2.085 billion rubles.
Metafrax is one of the largest methanol and formalin producers in Russia.
