Kazakh titanium-magnesium plant ups net profit by three times in first quarter of 2012

Business Materials 16 May 2012 13:02 (UTC +04:00)

Azerbaijan, Baku, May 16 /Trend E. Kosolapova/

The Kazakh Titanium-Magnesium Plant in Ust-Kamenogorsk city increased net profit by three times up to 1.627 billion tenge (148,00 tenge = $1) in January-March 2012, Novosti-Kazakhstan reported with reference to the company's consolidated financial statement. The plant's net profit amounted to 549 million tenge in the same period of 2011.

The plant's revenue increased by 1.5 times up to 9.375 billion tenge in the reporting period, gross profit increased by 2.7 times up to 2.309 billion tenge.

The company's assets increased by 5.2 percent in January-March 2012 to 33.561 billion tenge, equity increased by 11.4 percent - to 15.911 billion tenge.

Ust-Kamenogorsk Titanium Magnesium Plant's main activity is the production of high quality titanium sponge and magnesium Mg-90 used in the aviation and other industries.

The plant owns 49 percent of shares in Satpaevsk Titanium Mines Company. It explores and produces ilmenite in the Eastern Kazakhstan.

Moreover, the company holds a 25-percent stake in POSUK Titanium, producing titanium ingots and slabs.

Belgian Specialty Metals Holding Company with a 45.03-percent of shares is the largest shareholder of the plant as of April 1.