Business

VSMPO-AVISMA's net profit down 5% to $54.5 mln in 1H09

15:59 07/08/2009

MOSCOW, August 7 (RIA Novosti) - Russian titanium producer VSMPO-Avisma posted on Friday a 5% drop year-on-year in its net profit calculated to Russian Accounting Standards to 1.7 billion rubles ($54.5 mln) in the first half of 2009.

The company's revenue stood at 12.8 billion rubles ($410.5 mln) in the reporting period, down 14.2% against January-June 2008.

The titanium producer explained its poorer performance with lower sales amid the ongoing global credit crunch.

VSMPO-Avisma is the world's largest titanium producer.

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VSMPO-AVISMA's net profit down 5% to $54.5 mln in 1H09

15:59 07/08/2009 Russian titanium producer VSMPO-Avisma posted on Friday a 5% drop year-on-year in its net profit calculated to Russian Accounting Standards to 1.7 billion rubles ($54.5 mln) in the first half of 2009.>>

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