The Board of “Metafrax” summed up the results of the company’s activity in the I quarter of 2013

On the 23rd of April the Board of "Metafrax" summed up the results of the company's activity from January to March of 2013.

During this period a 3,128 million RUR worth of product was produced. It is 365 million or 13% more than the corresponding result last year. Profit from sales of product, works and services in the I quarter of 2013 amounted at 3,661 million RUR. The amount of sales compared to last year increased by 985 million or 36.8%. Export sales made 40.3% against 38.5% last year.

Acсording to preliminary data, in the I quarter of 2013 net profit of the company was 813 million RUR, which exceeded last year's result by 334 million or 70%.

- The growth of net profit is primarily connected with the increase in product sales resulting from 100% production rate of the plant and stable demand. In addition, some effect on the growth of profit came from a positive exchange difference and a decrease in expenses in the I quarter. -said the Chairman of the Board Armen Garslyan.

In the I quarter of 2013 actual capacity of methanol production was 269,000 ton (1.1% more than last year), formalin - 76,900 ton (4.1% less), UFC - 47300 ton (2.3% more).

- Base investment projects for us are still methanol plant reconstruction with an increase in capacity of 10%, which requires about €40-50 million, and also pentaerythritol plant reconstruction. In addition, we are planning to introduce new plants in the near future: a UFC plant and two formalin plants at the sites of "Metadynea" in Gubakha and Orekhovo-Zuevo (Moscow Region). It is connected with the rapid development of synthetic resins market, the growth of sales and demand for formalin and UFC, - said Armen Garslyan.