Uzbekistan, Tashkent, July 30 / Trend D.Azizov /
Khorezm-Shakar JV, the only sugar producer in Uzbekistan, increased sugar output by 7.1 per cent up to 184,545 tons in Jan.-June compared to 2010, the enterprise said on Monday.
The volume of sold sugar in the first half of the year amounted to 172,119 tons.
The company's revenues from selling the products increased by 0.2 percent - up to 381.707 billion soums, net income - 17.9 percent - to 30.69 billion soums in the first half of the year. The cost price of production decreased by 9.4 per cent - up to 288.285 billion soums in the first half of the year compared to the same period of last year.
The company's assets declined by 13.6 percent and amounted to 134.085 billion soums as of July 1, 2012, long-term assets grew by 5.9 percent to hit 39.671 billion soums, circulating assets decreased by 19.9 percent - to 94.414 billion soums.
The company's liabilities declined by 24.7 percent and amounted to 89.695 billion soums.
The company's equity capital increased by 22.8 percent and amounted to 44.39 billion soums as of the end of the first six months of 2012.
The authorized capital of "Khorezm-Shakar" is 14.2 billion soums, divided into 1.42 million ordinary shares of 10,000 soums each par value.
Currently, shareholders of the company are Panamanian Motril Investments, which owns 69.43 per cent stake, Singapore KITO Investments - 20 percent, SEID Handels GmbH - 10 percent, the labor collective - 0.57 percent.
Khorezm-Shakar plant worth $83.25 million was put into operation in 1998. Initially the plant was designed for processing sugar beet, which was planned to be grown in Uzbekistan. The design capacity of the plant is recycling 3,000 tons of sugar beets a day. However, due to low crop capacities of the Khorezm sugar factory have been suspended.
In 2002, the Uzbek-Austrian-American joint venture "Shakar Investment" implemented a project worth $2 million for the transfer of capacity of the plant for processing of raw cane sugar. At present, the capacity of technological line for processing of raw materials is 1,000 tons of sugar a day.
In March 2006 the Austrian SEID Nandelsgesellshaft mbH acquired 99.43 percent stake in "Khorezm-Shakar" for $17.6 million and took additional investment obligations on repayment of credit debt of the company to the amount of $1.6 million and 7.2 billion soums. In addition, investors should invest in the development $6 million for the development of new products.
It was reported earlier in 2012-2013 Khorezm-Shakar plans to implement project on modernization of production worth $7.2 million Under the modernization project new equipment that will increase the plant capacity to 90,000 tons and provide output up to 390,000 tons of sugar annually will be installed.
Uzbekistan's annual demand for sugar is about 630,000 tons.
Khorezm-Shakar increased output by 12.8 percent up to 322,696 tons and sold 322,220 tons of sugar in 2011 compared to 2010.
The official exchange rate is 1.900.62 soums/$1 on July 30.