Chelyabinsk Zinc posts FY 2009 net profit of 643 million roubles

Russian zinc producer, Chelyabinsk Zinc, has posts a FY 2009 net profit of 643 million roubles under IFRS.

The bottom line compares with a FY 2008 net loss of 3.523 billion roubles, while EBITDA rose from 10 million roubles to 2 billion roubles over the same period, with revenues rising 2% to 10.167 billion roubles.

The company attributed the turnaround to cost reductions and the one off write downs which occurred during FY 2008. Sales volumes and production were down 20%, but with prices rising steeply throughout the year.