Metafrax Group increased net income in the 1st quarter by 50% according to IFRS

In the 1st quarter of 2013 Metafrax Group increased its net income by 50% according to IFRS compared to the same period last year. Net revenue amounted at 1.746 billion roubles. Total gains increased by 31.5% and reached 9.536 billion roubles.

Net cost went up by 23.8% to 5.766 billion roubles, operational income - by 50% to 1.896 billion roubles, income before taxation - by 40.9% to 2.064 billion roubles.

Long-term liabilities of the group year to date increased by 80% to 2.987 billion roubles, short-term liabilities - by 14.5% to 2.387 billion roubles.

• - We think that high financial results were achieved because of favourable market conditions, namely methanol export. Production was at maximum capacity with stable sales.

Also in the 1st quarter we expanded the group's assets, 100% of Metadynea's assets were included, - said the Chairman of the Board Armen Garslyan.

• - According to our forecasts, in 2013 total gains of the group excluding assets abroad will reach more than 19 billion roubles, net income should exceed 2.7 billion, - the Chairman added.

In 2012 net income of Metafrax Group according to IFRS amounted at 1.892 billion roubles. This year the figure might increase by 42.7%. The group's gains might increase to 19 billion roubles against 15.6 billion roubles last year.

Consolidated accounts of the group will be prepared with Austrian assets included. Dynea Austria synthetic resin plant was purchased by Metafrax in July.