21 Aug 2009 14:12

Russian distiller Kristall boosts net profit 29.4% in H1

MOSCOW. Aug 21 (Interfax) - The Kristall Moscow Distillery, one of the leading alcohol producers in Russia, increased net profit 29.4% to 115.9 million rubles in the first half of 2009 compared to the same period of 2008, the company said in a report.

Sales revenue fell to 1.99 billion rubles in the half from 2.3 billion rubles in January-June 2008. Sales profit grew to 214 million rubles from 203.9 million rubles.

The company had accounts payable of 2.3 billion rubles in the first half of 2009, including 150.3 million rubles in overdue debt. A large of part of this debt - 1.1 billion rubles - is owed to the budget and state-owned non-budgetary funds. Kristall did not have overdue payables in the first half of last year.

Federal state unitary enterprise Rosspirtprom owns the controlling stock interest in Kristall.

VTB Bank , which received the government's stakes in eleven of Russia's biggest alcohol companies as payment for the debts of federally owned state enterprise Rosspirtprom, is searching for a buyer of these assets, which are valued at 5 billion rubles.