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UPDATE 1-Chelyabinsk Zinc Returns to Profit in Q1
Jun 18,2010 08:57CST
industry news
Source:SMM

MOSCOW, June 18 -- Chelyabinsk Zinc Plant (CHZNq.L: Quote) (CHZN.MM: Quote) said on Thursday it returned to a first-quarter profit showing signs of recovery from last year's sector wide cuts in metal output, slump in demand and lower prices. Production volumes growth, while keeping cost of sales disciplined, enabled Russia's top producer of the anti-corrosive metal to post a 458 million rouble ($14.69 million) profit in the first three months of the year, against a 643 million roubles profit seen in the whole of 2009.

Chelyabinsk, which is controlled jointly by Russia's Urals Mining and Metals Co and the Russian Copper Company, had to cut output last year along with other Russian metal producers because of the economic downturn.

In the first quarter of last year, the company recorded a net loss of 224 million roubles.

Revenue in the first quarter of this year grew 72 percent to 2.69 billion roubles from 1.57 billion roubles in the same period of last year, the company said in a statement. Earnings before interest, taxes, depreciation and amortisation (EBITDA) came to 752 million roubles, up from 154 million roubles a year ago. ($1=31.18 roubles)

 

 

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