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Company "VSMPO-Avisma" informs that according to results of the first half of the year increased the profits, but the results to the end of the year promises to show deterioration

2 September 2013

According to reports, the largest planned Titanium Corporation «VSMPO-Avisma», the first half of this year, there was buildup in net profit. Last year the company reported a profit of more than two hundred million dollars, according to IFRS.

It all happened because of the stable and continuous demand from aircraft manufacturers. But this year, according to analysts, may be not so lucky for the company, since titanium prices continue to fall.

Company Report on Russian standards shows that the first half of the year was characterized by an increase in net profit at twenty-nine percent, which is about three and a half billion rubles. A net proceeds under RAS tended to increase at eighteen and a half percent, which is about twenty-two and a half billion rubles. At the same time, by the standards of the gross profit under RAS grew by twenty-one percent, which is eight and a half billion rubles, and the total profit before tax was approximately four and a half billion rubles, respectively, and increased by twenty five percent.

Last year's report on international financial reporting standards show that all indicators in net profit last year rose nearly doubled, accounting for about two hundred million dollars.

For a long time, «VSMPO-Avisma» firmly held position as the largest manufacturer of titanium products in the world. The share of the company amounted to about thirty percent of all power at the aerospace market, and about twenty-five per cent of capacity in the industrial market, including non-ferrous metallurgy, shipbuilding, energy and chemical engineering. The company is mainly a large part of its production is exported, while the domestic market takes about one third of total production.

Although growth rates in the last full provided fairly stable demand from the largest companies in the aircraft industry, yet titanium prices compared to previous years continue to plummet. Over the past year, compared to before last, the price dropped by eleven percent and the forecast decline in prices for another ten percent by the end of this year. This negative trend, analysts say, has the ability to significantly worsen the financial position of the company.

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