/IRBIS, Galina Tsalyuk, May 17, 04/ - Ust-Kamenogorsk titanium- magnesium combine JSC (UKTMC JSC, Ust-Kamenogorsk), whose shares are circulating in the official "A" listing category of Kazakhstan stock exchange Inc. (KASE), provided KASE with financial statement for the I quarter of 2004.

Following indicators are the result of the issuer's financial and economic activity in the I quarter of 2004, based upon the issuer's data (th. KZT, unless other wise specified):

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                                  As of      As of  Change,
Indicator                     Apr 1, 03  Apr 1, 04        %
----------------------------  ---------  ---------  -------
Authorized capital (paid)        21,582     21,582      0.0
Shareholders' equity          7,663,323  7,784,855     +1.6
Total assets                  8,442,795  8,881,338     +5.2
Net working capital           2,642,801  3,190,808    +20.7
Accounts receivable           1,000,796    989,478     -1.1
Total liabilities               779,472  1,096,483    +40.7
Accounts payable                779,472    995,531    +27.7
Sales volume                  2,599,727  2,481,753     -4.5
Cost of goods sold            2,151,750  2,213,926     +2.9
Net income for the period       128,879      2,154    -98.3
Book value of one share, KZT   7,101.59   7,214.21     +1.6
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Relative to similar period of 2003 there is increase of:

• shareholders equity - by KZT100.4 m. because of growth of total sum of undistributed income by 2.1 m. and additional paid capital - by 98.2 m.
• assets - by KZT438.5 m. as the result of growth of funds by 608.4 m. and other assets - by 72.7 m., whereas there took place decrease of residual value of fixed assets by 242.6 m.;
• liabilities - by KZT317.0 m., including: accounts payable - by 216.0 m., deferred income tax - by 23.1 m. and reserve of forthcoming payments - by 77.8 m.;
• cost of goods sold - by KZT62.2 m.

Net income, which UKTMC OJSC received in the I quarter of 2004, decreased in comparison with the net income of similar period of 2003 by KZT126.7 m.

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

[2004-05-17]