The Board of “Metafrax” reviewed the results of the company’s activity in the first half of 2013

While keeping main production capacity unchanged and having a favourable pricing environment, we could increase our net revenue by about 40%.

On the 23rd of July the Board of JSC "Metafrax" reviewed the results achieved from January to June 2013.

During that time JSC "Metafrax" produced 6,341 million roubles worth of product, which is 717 million or 13% more than last year's value. Income from product, works and services sales amounted at 6,958 million roubles which is 1,360 million or 24% more than last year's value. 43.5% of product was exported, and this was 2.1% more than in 2012. Production cost-efficiency increased by 49.6% (+11.6%). Employee benefits budget reached 85 million roubles (+30%).

In 6 months of 2013 total methanol production amounted at 537,000 tonnes (same as in the first half of 2012). UFC production remained the same as in 2012 being 90,000 tonnes. Formaldehyde production lowered a little bit and was 155,000 tonnes (-900 tonnes or -0.6%), pentaerythritol production amounted at 11,800 tonnes (-1.8%), sodium formate - 6,100 tonnes (-2%). Polyamide production reached 353 tonnes (+1%). New hexamine plant produced about 9,000 tonnes of product (+700 tonnes or +9%).

Net revenue of the company amounted at 1,809 million roubles, which is 495 million or 38% more than last year. According to budget, the company is estimated to have 2,010 million roubles net revenue this year.

The results were commented on by the Chairman Armen Garslyan:

- We positively evaluate the achieved results. One of the most favourable things for us was the market environment, this is why our export sales increased. Pricing conditions both in Russia and abroad also had a positive effect. In the third quarter a scheduled maintenance of our methanol plant will take place, but that shouldn't affect production, and total amount of product has to be around 1 million tonnes.