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Chelyabinsk Zinc Plant FY'15 net profit jumps YOY on ruble weakness

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Chelyabinsk Zinc Plant FY'15 net profit jumps YOY on ruble weakness

JSC ChelyabinskZinc Plant said April 29 that its 2015 net profit jumped 59% year overyear to 3.75 billion Russian rubles, versus 2014profit of 2.35 billion rubles.

The Russian company attributed the jump in annual profit to thedevaluation of ruble, growth in zinc and zinc alloy sales, as well as the reversalof the previously accrued impairment loss related to the LLP Nova Zinc property,plant and equipment.

On a yearly basis, EBITDA rose 25% to 4.79 billion rubles, whileconsolidated revenue rose by 45% to 24.01 billion rubles.

Revenue growth was helped by a strengthening of the U.S. dollar,British pound and Kazakh tenge against the ruble.

The company recentlyreported first-quarter 2016 production of 45,468 tonnes of salable specialhigh-grade zinc and zinc-based alloys, up from 44,884 tonnes produced a year ago.

As of April 28, US$1 wasequivalent to 64.57 Russian rubles.