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Chelyabinsk Zinc Plant, Russia's top producer of anti-corrosive metal, said Wednesday that it made a net loss of 3.52 billion rubles ($105 million) last year, mainly because of low zinc prices.
The plant, also known as ChTPZ, had a 1.91 billion ruble profit in 2007.
"We expect that adverse economic conditions and their effect on the zinc industry will continue during 2009, therefore we adjusted our production, concentrating on cost-cutting and liquidity management," it said in a statement.
On Tuesday, ChTPZ said it cut output in the first quarter by 36.7 percent to 24,327 tons.
ChTPZ's revenue last year was 9.97 billion rubles, down from 15.53 billion rubles in 2007. Earnings before interest, tax, depreciation and amortization were 10 million rubles, compared with 3.68 billion in 2007. The plant produced 150,000 tons of zinc and alloys in 2008, an increase of 1.4 percent on 2007.
Zinc Maker Posts $105M Loss in '08
30 April 2009
Reuters
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