/KASE, July 31, 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 half-year of 2003.

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

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                                  As of      As of
Indicator                    July 1, 02 July 1, 03 Change,%
---------------------------- ---------- ---------- --------
Authorized capital (paid)        21,582     21,582      0.0
Shareholders' equity          7,496,129  7,496,105     -0.0
Total assets                  8,277,716  8,428,382     +1.8
Net working capital           3,009,661  2,499,383    -17.0
Accounts receivable           1,168,318    593,555    -49.2
Liabilities, total              781,587    932,277    +19.3
Accounts payable                697,758    932,277    +33.6
Sales volume                  5,967,165  4,756,442    -20.3
Cost of goods sold            4,451,232  4,052,537     -9.0
Net income for the period       980,857     84,805    -91.4
Book value of one share, KZT   6,946.65   6,946.63    -0.02
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Relative to the I half-year of 2002 there are following changes:

• shareholders' equity decreased by KZT24.0 th. as the result of increase of total sum of undistributed income by the same sum;
• assets increased by KZT150.7 m., including: residual value of fixed assets by 285.5 m., inventory - by 315.6 m., funds - by 123.4 m. and other assets - by 941.0 th., whereas there took place decrease accounts receivable by 574.8 m.;
• liabilities increased by KZT150.7 m., in accordance with increase of accounts payable by the same sum;
• sales volume decreased by KZT1.2 bn.;
• cost of goods sold decreased by KZT398.7 m.;

Net income, which UKTMC OJSC received according to results of the I half- year of 2003, decreased relative to similar period of 2002 by KZT896.0 m.

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

[2003-07-31]