Uralburmash suffers losses

18 November 2009 (10:17)

Uralburmash’s net loss amounted to 89.47 million RUR in the three quarters of 2009 (with data compiled in accordance with the Russian Accounting Standards); in the three quarters of 2008, however, the company had 37.25 million RUR worth of profit, the joint stock company’s website says.

As for the third quarter alone, the enterprise suffered 28.39 million RUR worth of losses, which was 9.48 million RUR less than in the previous quarter. The company says its losses have to do with the growing lending portfolio, the need to pay loan interests, and the lack of floating assets caused by the current recession.

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