Chelyabinsk Zinc posts 1Q 2010 net profit of 458 million Roubles

Zinc producer, Chelyabinsk Zinc, has posted a 1Q 2010 net profit of 458 million Roubles under IFRS.

The bottom line is up from year-on-year from 1Q 2009 net losses of 224 million Roubles, with EBITDA up from 154 million a year earlier to 752 million Roubles, as Revenues rose 72% year on year to 2.685 billion Roubles.

The company attributed the result to a 56% increase in sales which reflected increased demand, pushed prices higher and in turn triggered a 59% increase in production, with strong showings by the company's subsidiaries, Nova Zinc LLC and The Brock Metal company, also bolstering the result.