VSMPO-Avisma, the largest producer of titanium, expects to more than triple its profit this year after prices of the metal rebounded from 2009 lows, the company said Monday.
VSMPO will post net income of 600 million rubles ($19.8 million) after 172.9 million rubles last year, chief financial officer Alexei Mindlin said. Sales will decline by 7.7 percent to 24 billion rubles, while the company has $600 million in debt, Mindlin said.
The company expects to raise its share of the medical titanium market to 25 percent next year, from 15 percent to 18 percent currently, Interfax reported last month, citing deputy chief executive Oleg Leder.
(Bloomberg)
