Results of activity of UKTMC OJSC (Kazakhstan) in the I quarter of 2004

/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): ----------------------------------------------------------- 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 ----------------------------------------------------------- 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]