Silvinit net profit down 1.5% in Q1
PERM. May 17 (Interfax) - Silvinit , which is being merged into Uralkali , posted a net profit of 4.074 billion rubles in the first quarter of 2011 under Russian accounting standards (RAS), 1.5% less than in the same period last year, the company said in a statement.
Profit was lower due to higher expenses. Revenue increased 50% to 13.164 billion rubles on rising sales volumes.
Silvinit shipped 1.34 million tonnes of potassium chloride in the three months, 16% more year-on-year.
Key financial indicators for Silvinit in Q1 2011 ('000 rubles):
| Q1 2011 | Q1 2010 | |
| Revenue | 13 164 400 | 8 790 488 |
| Expenses | 2 777 108 | 2 263 192 |
| Gross profit | 10 387 292 | 6 527 296 |
| Profit on sales | 7 349 459 | 5 184 380 |
| Pretax profit | 5 193 946 | 4 931 830 |
| Net profit | 4 074 092 | 4 136 082 |
Silvinit posted an RAS net profit of 16.933 billion rubles in 2010, 1.8% more than in 2009 on higher potassium chloride exports.
Revenue was up 15.5% to 38.553 billion rubles.
Key financial indicators for Silvinit in 2010 ('000 rubles):
| 2010 | 2009 | |
| Revenue | 38 553 471 | 33 389 624 |
| Expenses | 10 058 362 | 7 540 922 |
| Gross profit | 28 495 109 | 25 848 702 |
| Profit on sales | 21 166 016 | 21 462 273 |
| Pretax profit | 19 901 669 | 20 005 630 |
| Net profit | 16 932 853 | 16 640 901 |
Silvinit, from the Perm territory, develops the Verkhnekamsk potassium-manganese salt deposit with commercial reserves of 3.8 billion tonnes of ore.
The merger of the company into Uralkali will be completed before the end of the second quarter.
RTS$#&: SILV, URKA
