In 2010 “Kazanorgsintez” gets back to profitability

“Kazanorgsintez” gained profit of 1,14 bln. roubles in 2010 compared to losses the year before. Such information was given at annual general meeting of company’s stockholders with participation of RT President Rustam Minnikhanov.

Director-general of JSC “Kazanorgsintez” Leonid Alekhin told about activity of the company. By his words, “Kazanorgsintez” increased proceeds from 22,50 bln. roubles (2009) to 33,73 bln. roubles (2010). Main factors which influenced growth of proceeds were prices rise for production, increase of volumes of polycarbonate production and refusal from give-and-take scheme of raw materials processing and increase of volumes of its own polyethylene realized by market prices.

Leonid Alekhin informed that the main event in 2010 was completion of investment program of first stage of JSC “Kazanorgsintez” modernization accepted in 2004.

Total sum of funds allocated for modernization from 2004 to 2010 made 39,5 bln. roubles. These were mainly borrowed assets that led to increase of loan portfolio. Thus, another important event was completion of company’s debt restricting due to support of Tatarstan authorities.

Annual report of JSC “Kazanorgsintez” for 2010 was approved at stockholders' meeting.

Stockholders also discussed large deals between JSC “Kazanorgsintez” and “Gasprombank”.