MOSCOW, May 17 (RIA Novosti) - Russia's VSMPO-Avisma, the world's largest titanium producer, said Thursday its net profit in the first quarter of 2007 according to Russian Accounting Standards fell by 37.6% year-on-year, to 1.4 billion rubles ($54.4 million).
The company said the figure was lower because export deliveries were not included in the first quarter report, unlike in the same period of last year.
VSMPO-Avisma, which accounts for a third of the global titanium market, was established in July 2005. The company's customers include aviation companies Boeing, Airbus, SNECMA, GE Aircraft Engines, Rolls Royce Aerospace and Pratt&Whitney.
Rosoboronexport, Russia's largest arms exporter, holds a 66% stake in VSMPO-Avisma.
