The Board of Directors of JSC "Metafrax" summed up the company’s results for Quarter I of 2015

At the meeting on April 17, the Board of Directors of "Metafrax" examined a question of the company’s budget implementation for Quarter I of 2015.

From January to March of 2015 the plan of all the company’s budget targets was realized. During this period products at the cost of 4.66 bln RUB were manufactured. It is 1.16 bln RUB or 33% more than the last year.

The company's revenue for January-March 2015 was 4.445 bln RUB. The amount of sales in comparison with last year increased by 1.034 bln RUB or 30%.

The share of exports in total sales was 41%, against 46% in January-March the last year.

The company’s investment budget for that period was 475.1 mln RUB. The company’s social expenditures reached 41.1 mln RUB.

For Qarter I, 2015, actual methanol production was 266 KT, it corresponded to the same period last year, formalin production - 89.1 KT (increase by 10.4%), UFC production - 45.7 KT (decrease by 5.7%).

According to preliminary data, in Quarter I of 2015 net profit calculated under RAS amounted 1.593 bln RUB. It is 431 mln RUB, or 37% more than the corresponded period the last year.

- Increase of net income and revenues is connected with increase of production’s and sales’ amount, favorable pricing environment and a little bit with positive exchange difference at the beginning of the year.

In Quarter I the company was operating at 100% load on the entire product slate. The commercial activities were stimulated. In addition, the negative expectations of the prices’ fall and the market contraction were not fulfilled, - said Armen Garslyan, the chairman of the Board of Directors.