31 July 2018
PJSC Kazanorgsintez profit improves by 20%
PJSC Kazanorgsintez summarized the performance results for 6 months of 2018. For the given period the Company earned a profit of 10 RUB bn exceeding the profit for the same period of last year by 20%. The revenue increased by more than 6% as compared with the last year performance and amounted to 39.1 RUB bn as of 1 July 2018.
The Company's assets amounted to 63.7 RUB bn at half year-end, and the PP&E value amounted to 35.8 RUB bn.
Improvement of profit and revenue indicators was possible first and foremost due to increase in production output. In recent years, the Company has been consistently increasing production output. It should be recalled that last year PJSC Kazanorgsintez achieved record figures of polyethylene production over the entire history of its operation. Polyethylene market conditions were as well good for the Company performance, including: stabilization and growth of prices for the products, and change in the exchange rate.
At the same time, in the first six months of 2018, financial indicators of PJSC Kazanorgsintez were seriously affected by feedstock price growth resulting in increase in cost of sales. However, the Company was able to partially compensate for growing prices on resources by reducing administrative and marketing expenses. Besides, unlike the year of 2017, for the first six months of 2018 PJSC Kazanorgsintez incurred no interest expenses due to advance repayment of all debts to the banks in 2017.