Net profit of Klyuchevsk Ferrous Alloys Works goes down 37% in July-September 2007

9 November 2007 (10:13)

Klyuchevsk Ferrous Alloys Works’ net profit volume went down by 37% in July-September 2007, the company’s quarterly report states. Profits dropped from 86,009,046 RUR in the second quarter of the year to 54,009,575 RUR in the third quarter, which means the figures decreased by 31,009,471 RUR over the course of three months. The company explains this was due to a decrease in output and sales of ferrotitanium; this, in its turn, was brought about by plummeting global prices, plenty of titanium scrap accumulated all over the world, and noticeably less favorable ferrotitanium market opportunities in July-October 2007.

The company’s gross profit amounted to 60.536 million RUR in July-September 2007, which falls short of the previous quarter’s figures by 20,955,000 RUR, or by 26%.

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