13 Aug 2009 12:12

Kazanorgsintez posts IFRS losses of 2.9 bln rubles in 2008

MOSCOW. Aug 13 (Interfax) - Tatarstan-based Kazanorgsintez , one of Russia's biggest polyethylene and polyethylene pipe producers, closed 2008 with net losses of 2.955 billion rubles to International Financial Reporting Standards (IFRS), compared with profit of 2.553 billion rubles in 2007, the company said in an earnings report.

Sales revenue fell 8.5% to 23.005 billion rubles and gross profit by 32% to 4.118 billion rubles.

The company said one of its creditors had notified it that it was calling in loans of 2.523 billion rubles. The loan was due for repayment on May 12 and the company is currently trying to negotiate debt rescheduling deals with all creditors.

Kazanorgsintez also said it was 54 days overdue on a loan of $50 million to ING Bank.

Short-term loans stood at 27.941 billion rubles at the end of 2008.