Mar 16, 2005. /Lesprom Network/. Russia’s Volga pulp and paper mill, based in Nizhny Novgorod, Russia, plans to make an international IPO in late 2006, the company's General Director Alexander Sonin told reporters Monday. Before the IPO, the company plans to introduce International Financial Reporting Standards (IFRS) and to launch an automatic accounting system meeting international standards, Sonin said, reported Prime-TASS. The company will be ready to switch to IFRS by January 1, 2006, the company's Financial Director Sergei Serebryakov said. According to preliminary data, Volga's net profit under Russian Accounting Standards (RAS) was 113.5 million rubles in 2004, down from 161.0 million rubles in 2003. In 2004 the company's pretax profit totaled 261 million rubles. No comparisons were provided. Sales revenue rose 8.3% on the year to 6.444 billion rubles in 2004. Volga's paper output in 2004 rose 1.7% on the year to 565,107 tonnes, including newsprint output of 552,701 tonnes, up 2.1%. Of the total output, the company exported 335,093 tonnes, down 6% on the year. This year the company plans to keep its production flat on year, Sonin said. (27.4629 rubles - U.S. $1.