Kazakh titanium magnesium plant ups net profit
Azerbaijan, Baku, Oct 29 / Trend E. Kosolapova/
Kazakh Ust-Kamenogorsk Titanium Magnesium Plant increased net profit by one percent to 3.167 billion tenge (150.56 tenge = $1) in January-September 2012 compared to 3.135 billion tenge in the same period of 2011, Novosti-Kazakhstan reported with reference to the plant's consolidated financial statement.
The plant's revenue in the reporting period increased by 27 percent to 26.498 billion tenge, gross profit increased by 4.2 percent up to 5.235 billion tenge.
The enterprise's assets increased by 11.3 percent up to 35.528 billion tenge in January-September 2012, equity increased by 22.1 percent up to 17.489 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 Sept.1.