/KASE, June 16, 03/ - UKTMC OJSC (Ust-Kamenogorsk), whose shares are circulating in Kazakhstan stock exchange's (KASE) official "A" listing category, provided KASE with financial statement for the I quarter of 2003.

The following indicators are results of the issuer's financial and economic activity for the I quarter of 2003, based upon the issuer's information (in th. KZT, unless other wise specified):

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                                 As of     As of
Indicator                    Apr 1, 02 Apr 1, 03 Change,%
---------------------------- --------- --------- --------
Authorized capital (paid)       21,582    21,582        0
Shareholders' equity         7,026,745 7,663,323     +9.1
Total assets                 8,036,791 8,442,795     +5.1
Net working capital          2,707,280 2,642,801     -2.4
Accounts receivable          1,438,725 1,000,796    -30.4
Liabilities, total           1,010,046   779,472    -22.8
Accounts payable               925,234   779,472    -15.8
Sales volume                 3,256,566 2,599,727    -20.2
Cost of goods sold           2,509,989 2,151,750    -14.3
Net income for the period      510,958   128,879    -74.8
Book value of one share, KZT  6,511.67  7,101.59     +9.1
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Relative to the I quarter of 2002 there are following changes:

• shareholders' equity increased by KZT636.6 m. as the result of increase of total sum of undistributed income by the same sum;
• assets increased by KZT406.0 m., as the result of increase of residual value of fixed assets by 535.9 m., inventory - by 532.9 m., whereas there took place decrease accounts receivable by 437.9 m., and other assets by 224.9 m.;
• liabilities decreased by KZT230.6 m., in accordance with decrease of accounts payable by the same sum;
• sales volume decreased by KZT656.8 m.;
• cost of goods sold decreased by KZT358.2 m.;

Net income, which UKTMC OJSC received according to results of the I quarter of 2003, decreased relative to similar period of by KZT382.1 m.

Company's primary activities - production and sale of non-ferrous metals (high-quality titanium sponge, and commercial magnesium).

[2003-06-16]