Russia's Metafrax 2008 net profits fall 17%, sales up

06 February 2009 10:26  [Source: ICIS news]

MOSCOW (ICIS news)--Metafrax reported a 2008 net profit of roubles (Rb) 1.47bn ($40.5m/€31.6m), down 17% from the previous year, although sales rose 5.3% to Rb7.87bn, the Russian methanol producer said on Friday.

Last year, Metafrax produced 962,000 tonnes of methanol, 0.4% down year on year. Production of formalin fell 5.1% to 268,400 tonnes, the company said in a statement.

It did not make any further comments on the results.

OAO Metafrax, based in Gubakha, Perm region, Northern Russia, is the country's leading methanol producer and exporter. In 2007, it raised its methanol capacity to 1m tonnes/year.

($1 = Rb36.3, €1 = Rb46.5)

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By: Sergei Blagov
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