Metafrax ups net profit to RAS 70% in 2012
PERM. Feb 4 (Interfax) - OJSC Metafrax obtained net profit to Russian Accounting Standards of 2.11 billion rubles in 2012, according to preliminary figures, up 70% on 2011, the company told Interfax.
Revenue climbed 20.5% to 11.01 billion rubles.
Board Chairman Armen Garslyan told Interfax that the boost to financial indicators was thanks to increased production and a rise in prices.
Investment in 2012 remained at around the same level of 2011 and was over 465 million rubles.
Metafrax boosted output of its main product - methanol - 6.3% in 2012 to 1.03 million tonnes.
Metafrax is one of the largest methanol and formalin producers in Russia. The group is comprised of four chemical enterprises - Metafrax (Gubakha in the Perm territory), Karbolit (Orekhovo-Zuyevo in the Moscow region), and Russian-Finnish synthetic resin producers MetaDynea and Karbodin; construction companies BIS, Metatransstroy, Chimstroy and Chimspetsstroy; IT company Metafrax-Inform; and brick plant Meakir.
Mirvak Group Incorporated (Panama) owns 19.46% of Metafrax shares and Lipaned Ltd (Cyprus) - 66.05%.