15 May 2012 16:18

VSMPO-Avisma boosts Q1 RAS net profits 70%

YEKATERINBURG. May 15 (Interfax) - Russian titanium major OJSC VSMPO-Avisma Corporation increased its net profits to Russian Accounting Standards (RAS) by 70% year-on-year to 2.003 billion rubles in the first quarter of this year, the titanium producer said in a report.

Sales revenue grew 22.5% year-on-year to 8.798 billion rubles.

VSMPO-Avisma financial highlights. '000 rubles:

	Q1 2012	Q1 2011
Sales revenue	8 797 609	7 181 284
Cost of sold goods	5 850 055	4 906 888
Gross profit	2 947 554	2 274 396
Operating profit	1 776 340	1 236 122
Profit before tax	2 529 389	1 471 016
Net profit	2 002 715	1 180 163

Receivables grew from 10.76 billion rubles to 12.366 billion rubles and payables from 7.312 billion rubles to 8.312 billion rubles during Q1.