VSMPO Avisma H1 net profit dips by 31% YoY
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Monday, 18 Aug 2008
Interfax reported that Titanium producer VSMPO Avisma saw its net profit to Russian Accounting Standards dips by 31.2% YoY in the January to June 2008 period to RUB 1.849 billion.
VSMPO said that sales revenue grew by 5.7% YoY to RUB 14.929 billion, reflecting its strategy to raise titanium product output. Earnings fell because reserves were set up for bad debts in 2008
VSMPO Avisma first half financial highlights
| Item | H1 2007 | H1 2008 | Change |
| Sales revenue | 14,127,162 | 14,928,569 | 5.7% |
| Cost of sold goods | 8,212,302 | 9,111,814 | 11.0% |
| Gross profit | 5,914,860 | 5,816,755 | -1.7% |
| Operating profit | 4,393,168 | 3,787,907 | -13.8% |
| Pretax profit | 3,857,209 | 2,567,124 | -33.4% |
| Net profit | 2,688,332 | 1,848,591 | -31.2% |
In '000 RUB
VSMPO Avisma is the world's biggest titanium producer, its main consumers being the world's major aircraft manufacturers. The state Russian Technologies Corporation owns 66% of the corporation.
