Most Samruk-Kazyna firms post profit in 2011
ASTANA. Feb 3 (Interfax) - Almost all companies belonging to Kazakhstan's Samruk-Kazyna state fund ran a profit in the 2011.
"According to preliminary data, virtually all major subsidiaries of Samruk-Kazyna beat their production and financial targets to achieve growth in 2011," Samruk-Kazyna said in a statement.
However Tau-Ken Samruk JSC (national mining assets operator), the United Chemical Company (UCC) LLP, International Airport of Aktobe JSC and the Development Bank of Kazakhstan (DBK) have reported losses.
"The losses of the UCC and Tau-Ken Samruk is due to the fact that they are only in the beginning of their operations. Tau-Ken Samruk is expected to show a positive balance in 2014, the UCC in 2017," Managing Director of Samruk-Kazyna Nurlan Rakhmetov said at a meeting of the fund's management in Astana on Friday.
"The DBK's losses were caused by the decline in the loan portfolio due to the increased provisions on earlier issued loans. The Aktobe airport is a natural monopoly. It lost 4 million tenge last year because of the low tariffs on its services," Rakhmetov said.
Samruk-Kazyna's consolidated net profit in 2011 totaled 594 billion tenge (148.61 tenge /$1), an increase of 13% on 2010.
The Samruk-Kazyna National Welfare Fund is a state holding company that owns and manages national companies in different economic sectors including oil and gas, telecommunications and transport as well as the national development institutes.