25 Oct 2010 12:19

VSMPO-Avisma looks to grow 2010 net profits 250%

YEKATERINBURG. Oct 25 (Interfax) - The corporation VSMPO-Avisma , Russia's monopoly producer of titanium and manufactures and the world's largest producer of the metal, is looking to increase net profits 250% this year to 600 million rubles from last year's 172.889 million rubles, the corporate newsletter Novator writes, citing the company's deputy general director for economics and finance, Alexei Mindlin.

VSMPO-Avisma is also targeting sales revenues of about 25 billion rubles, which would be 7.7% less than last year's 26 billion rubles.

However, Mindlin said, those would be scanty profits compared to 2008's 2.668 billion rubles.

The company's debt burden currently weighs in at around $600 million, he said.

The VSMPO-Avisma press service told Interfax that as of October 25 the corporation's loan portfolio topped $500 million, but had contacted from around $700 million at the start of the year.

The state-run corporation Russian Technologies is VSMPO-Avisma's main shareholder with a 66% stock interest.