UMMC's Uralelektromed refinery ups RAS revenue 6.4% in 9M
MOSCOW. Nov 18 (Interfax) - Uralelektromed, the flagship enterprise of no. 2 Russian copper producer Urals Mining and Metals Company (UMMC), increased sales revenue to Russian Accounting Standards (RAS) 6.4% year-on-year in January-September to 14.326 billion rubles, the company said in a financial statement.
Net profit fell 33.2% to 922.141 million rubles on lower output, copper prices and revenue. In addition, the plant produced less copper from internal feedstock.
However damage was mitigated by an anti-crisis program, focusing on the reduction of operating costs, Uralelektromed said.
Uralelektromed financial highlights ('000 rubles):
| 9M 2009 | 9M 2008 | |
| Sales revenue | 14 325 522 | 13 465 055 |
| Cost of sales | 11 021 586 | 9 363 835 |
| Gross profit | 3 303 936 | 4 101 220 |
| Sales profit | 1 990 189 | 2 609 646 |
| Pretax profit | 1 093 139 | 2 006 011 |
| Net profit | 922 141 | 1 385 925 |
Uralelektromed's receivables decreased from 4.22 billion rubles to 2.614 billion rubles during the 9M, while payables increased from 1.259 billion rubles to 5.058 billion rubles.
Long-term loans grew 12.1% to 3.456 billion rubles, while short-term loans fell 17.4% to 3.665 billion rubles.
Uralelektromed, from the Sverdlovsk region, is capable of producing 380,000 tonnes of refined copper per year.
UMMC combines some 50 enterprises in various Russian regions. It produces about 40% of Russia's cathode copper and zinc and around half its lead and controls a quarter of the domestic market for nonferrous rolled products and more than half of the European market for copper powders.
The holding's Electrozinc smelter from Vladikavkaz closed the 9M with RAS net losses of 69.851 million rubles, compared with profit of 188.088 million rubles in the same period of last year.
Sales revenue fell nearly 40% to 2.64 billion rubles.