ChelPipe triples profit in 2010
MOSCOW. March 24 (Interfax) - Chelyabinsk Tube-Rolling Plant (ChTPZ, or ChelPipe) boosted net profit to Russian Accounting Standards (RAS) 3.1-fold in 2010 to 2.68 billion rubles.
The company said in a statement that it had net losses of 1.45 billion rubles in Q4 2010, compared with profit of 370.644 million rubles in the same period of 2009.
Net profit was 4.13 billion rubles in January-September 2010.
Net profit of 1.085 billion rubles in Q3 2010 turned into losses in Q4 2010 due to a provision for bad loans.
ChelPipe is the flagship enterprise of the ChTPZ pipe and metals group, which includes Pervouralsk New Pipe Plant (PNTZ) ; LLC Meta, a company specializing in scrap metal collection and processing; metal trading company Uraltrubostal Trading House; and oil industry services provider Rimera. Arkley Capital manages ChTPZ Group's assets.
The prospectus for an IPO that ChelPipe planned earlier this year bit put off indefinitely says Andrei Komarov controls around 73% of the company: he owns 95% of Mountrise, which owns 76.8% of ChelPipe and was the selling shareholder in the IPO. ChelPipe's general director, Alexander Fyodorov, owns 8.1%: he owns 5% of Mountrise and all of Poweredge, which owns 4.3% of ChelPipe.