Net profit of Volga PPM reached RUR 337.6 million in 1Q 2007

Jun 22, 2007. /Lesprom Network/. In first quarter 2007 Volga PPM (Balakhna, Nizhegorodskaya region) revenue was up 8.3% year-on-year to RUR 2.1 billion. Prime cost in first quarter 2007 rose by 10.5% to RUR 1.4 billion, profit on sales increased 4.1% to RUR 478.2 million, profit before tax – by 8.3% to RUR 451.3 million. Net profit of the PPM reached RUR 337.6 million. In 2006 Volga PPM increased its net profit by 27.8% to RUR 1.3 billion, profit before tax – by 23% to RUR 1.7 billion, revenue – by 8.2% to 7.6 billion, prime cost – by 7.5% to RUR 5.3 billion, profit on sales - by 14.7% to RUR 1.8 billion. Company’s account payable reduced in 2006 by RUR 75.1 million to RUR 247.7 million as of January 1, 2007, accounts receivable – by RUR 61.9 million to RUR 1.1 billion. Volga authorized capital stock amounts to RUR 1 121 839 000 divided for 11 808 827 common shares with nominal value RUR 95 each. Nizhniy Newsprint Holding Ltd owns 98.9% of the stock from which 43.98% are in nominal possession of Alfa-bank; 1.02% are owned by minority shareholders.