Gold producer UGC boosts profit 34% in Q1
CHELYABINSK. April 29 (Interfax) - The Uzhuralzoloto Group of Companies (UGC) boosted net profit to Russian Accounting Standards (RAS) 33.9% year-on-year in Q1 2011 to 424.562 million rubles, the company said in a report.
Net profit soared from 183.064 million rubles in Q4 2011 due to higher sales.
Net profit surged 2.6-fold in 2010 to 1.238 billion rubles.
OJSC Uzhuralzoloto is the flagship enterprise of the Uzhuralzoloto Group of Companies (UGC), based in the Chelyabinsk region. UGC was created in summer 2007 with the assets of CJSC Uzhuralzoloto. UGOLD Limited owns 99.995% of UGC, and Konstantin Strukov, the UGC board chairman, owns 99.98% of UGOLD Limited.
The group's assets include Kochkarskoye, the Svetlinskoye, Bereznyakovskoye, South Kurosan and West Kurosan fields in the Chelyabinsk region, the Kommunarovsky Rudnik mine in Khakasia, Darasunsky Rudnik in the Chita region and Drazhny in the Krasnoyarsk territory.