MOSCOW, August 15 (RIA Novosti) - Russia's VSMPO-Avisma, the world's largest titanium producer, said Wednesday its net profit calculated to Russian Accounting Standards (RAS) declined 26.4% year-on-year in January-June 2007 to 2.69 billion rubles (about $105 million).
The company, which controls one third of the global titanium market, said revenue in the reporting period edged down 5.3% to 14.13 billion rubles (about $554 million), and pre-tax profit fell 20.4% to 3.86 billion rubles (about $151 million).
The company attributed its reduced revenues to a decrease in ferrotitanium sales.
VSMPO-Avisma's clients include aviation companies Boeing, Airbus, Snecma, GE Aircraft Engines, Rolls Royce Aerospace and Pratt&Whitney.
Rosoboronexport, Russia's arms export monopoly, holds a 66% stake in VSMPO-Avisma.
