VSMPO-AVISMA’s revenues drop 4.9%

The annual general meeting of VSMPO-AVISMA Corporation’s stockholders took place in Berezniki, Perm Territory, recently.

The year 2010 was a crucial one for the company; the troubles of 2009 were still felt, but we nevertheless managed to lay a foundation for further growth. For one, our key performance indicators came to look better. Even though our sales revenues went down by slightly less than 5% last year compared with the year 2009, our net profit still soared by 240%. This sounds impressive, even though there is still much to work on in terms of money in the year 2011,’ says the corporation’s Director-General Mikhail Voyevodin.

In 2010, the corporation’s net profit went up by 3.4 times against the year 2009 and amounted to 587.89m RUR, whereas VSMPO-AVISMA’s revenues decreased by 4.9% last year and reached 24.74bn RUR.

The company reports the decrease in profits had to do with the changes in the assortment of goods offered for sale and in the foreign currency prices of the produce as well as with the lowering dollar exchange rate.

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