MAZ increases exports 90% in 2011, expects exports go up 17.5% in 2012
MINSK. Feb 24 (Interfax) - OJSC Minsk Automotive Plant (MAZ), according to the Belarusian Industry Ministry's business plan, will increase exports by 17.5% in 2012 in comparison with 2011, the enterprise told Interfax.
MAZ exported $1.1 billion in production in 2011, which was an increase of 89% from 2010.
In addition, according the business plan, the plant hopes to increase its output by 12% this year. The margin on MAZ's sales should come to at least 10%. The balance for foreign trade operations should post a surplus and top 2011's result for 15%.
The enterprise increased its trade surplus by 370% to $330 million in 2011.
According to a spokesperson for MAZ, the enterprise's production came to 8 trillion Belarusian rubles in 2011 (up 8,230 Belarusian rubles/$1 on February 24, 2012), an increase of 52.6%. The company's sales margin came to 30%, which is also significantly above the result for 2010.
MAZ posted profits in 2011. "However, in both net profit and the sales margin, there is a very high devaluation component. Nonetheless, if one calculates these figures as they are with adjustment for inflation, they are an improvement over 2010," the company spokesperson said.
He also said that MAZ had significantly reduced its external accounts receivable in 2011, reaching around $120 million on January 1, 2012.
MAZ was founded in 1944 and first production of trucks was launched in 1947. The plant set up production of passenger busses in 1995. The enterprise's main product includes trucks with various modifications, tractor lorries, autocranes and passenger busses. The plant's production meets Euro-3 and Euro-4 environmental standards.
MAZ was transformed into an open joint-stock company at the start of 2009 in which the Belarusian state owns 100%. The Belarusian government is continuing to consider the option of selecting an investor for MAZ. Such a partnership could mean the sale of some of the enterprise's assets.
Therefore, an assessment of the plant's assets is still underway, which still has not come to a close.