Nizhnekamskneftekhim net profit declines 3.7% in 2012
KAZAN. March 28 (Interfax) - Russian refiner Nizhnekamskneftekhim posted a net profit of 15.17 billion rubles in 2012 under international financial reporting standards (IFRS), 3.7% less than in 2011, the company said in its consolidated financials.
Revenue rose 3.5% to 130.487 billion rubles.
Nizhnekamskneftekhim attributed growth in revenue to "the implementation of the development program in terms of modernization and capacity expansion; the replacement of the portfolio of low-margin monomers and intermediate products offered to the customer with high-margin, innovative types of polymer products; to favorable market conditions; and to optimal loading at production facilities."
Earnings before taxes, depreciation and amortization (EBITDA) fell 5.8% to 22.781 billion rubles in 2012, and the EBITDA margin was 17.5%.
"The decrease in the EBITDA margin and net profit was caused by a deterioration in price conditions for the company's products in H2 2012," the report said.
Cost of goods sold was up 5.5% to 96.519 billion rubles in 2012. Gross profit decreased 1.7% to 33.968 billion rubles, operating profit fell 7.4% to 19.192 billion rubles, and profit before tax was down 3.1% to 19.618 billion rubles.
Nizhnekamskneftekhim boosted assets 10% to 77.75 billion rubles.
The company slashed its long-term loans and borrowings by 56.5% to 3.26 billion rubles and reduced its short-term loans and borrowings by 28% to 2.703 billion rubles.
Output of finished product climbed 3.2% last year to 2.3 million tonnes, including 589,000 tonnes of rubber (up 5.4%) and 605,000 tonnes of plastics (up 2.1%).