3 May 2011 15:03

Nizhnekamskneftekhim RAS net profits up 140% in Q1

MOSCOW. May 3 (Interfax) - OJSC Nizhnekamskneftekhim increased net profits to Russian Accounting Standards (RAS) by 140% year-on-year to 3.412 billion rubles in the first quarter, the company reported.

Compared to the preceding quarter, profits were up almost 300% thanks to increase sales revenue.

Nizhnekamskneftekhim made RAS net profits of 7.174 billion rubles in 2010.

The company turns out chemical and petrochemical products, and is the biggest synthetic rubber producers in Russia.

OJSC Svyazinvestneftekhim owns 28.6% of Nizhnekamskneftekhim ordinary shares (25.2% of share capital), Telecom-Management LLC (an OJSC TAIF subsidiary) has 50.6% (44.5%), and NCB Investments Ltd. has 8.8% (7.7%), according to Nizhnekamskneftekhim.