ChelPipe halves RAS earnings to 1.3 bln rubles in 2011
MOSCOW. March 26 (Interfax) - Chelyabinsk Tube Rolling Plant (ChTPZ) (ChelPipe) nearly halved net profit to Russian Accounting Standards (RAS) in 2011 to 1.259 billion rubles, from 2.678 billion rubles in 2010, the company said in a statement.
Sales revenue grew 80% to 76.645 billion rubles, from 42.701 billion a year previously as it started to include revenue from pipes sold by its subsidiary Pervouralsk New Pipe Plant (PNTZ) in overall revenue.
Earnings halved due to higher loan servicing costs.
Gross profit fell 11% to 14.6 billion rubles and profit before tax fell 56% to 1.89 billion rubles.
ChelPipe is the flagship enterprise of the ChTPZ pipe and metals group, which also includes Pervouralsk New Pipe Plant (PNTZ); LLC Meta, a company specializing in scrap metal collection and processing; metal trading company Uraltrubostal Trading House; and oil industry services provider Rimera. Arkley Capital manages ChTPZ Group's assets.
PNTZ said its net profit to RAS grew 23.3% in 2011 to 871.788 million rubles and that revenue jumped 3.7% to 36.167 billion rubles.