Results of activity of Kazakhstan Mortgage Company CJSC (Kazakhstan) in the first quarter of 2004

/IRBIS, Galina Tsalyuk, June 9, 04/ - Kazakhstan Mortgage Company CJSC (KMC, Almaty), provided KASE with financial statements for the first quarter of 2003. The Company's bonds are circulating at KASE under A category of the official listing. Following indicators are the result of the Company's financial and economic activity in the Q1 2004, based upon the KMC data (th. KZT, unless otherwise specified): ------------------------------------------------------------- as of as of Change, Index Apr 1, 03 Apr 1, 04 % ---------------------------- --------- ---------- -------- Authorized capital (paid up) 1,500,000 2,500,000 +66.7 Shareholders' equity 1,651,103 2,840,393 +72.0 Total assets 2,206,122 14,198,346 +543.6 Liquid assets 837,567 2,937,117 +250.7 Mortgage loans 1,317,503 11,227,549 +752.2 Liabilities, total 555,019 11,357,953 +1,946.4 Issued bonds 500,000 11,333,497 +2,166.7 Total income 70,237 352,812 +402.3 Total expenditures 35,837 271,899 +658.7 Net income 34,400 80,913 +135.2 ------------------------------------------------------------- Relative to Q1 2003 there is increase of: - shareholders' equity - 1.2 bn as the result of increase of the paid up authorized capital by 1.0 bn (floatation of third emission shares) and reserve capital - 209.5 m, whereas total sum of undistributed income fell down by 20.2 m; - assets - 12.0 bn, including: mortgage loans - by 9.9 bn., securities portfolio - by 2.1 bn, whereas "other assets" item fell by 10.3 m; - liabilities - by 10.8 bn due to growth in volume of floated bonds; - income - 282.6 m; - expenditures - 236.1 m. Net income earned by Kazakhstan Mortgage Company CJSC according to results of Q1 2004 exceeded net income of the first quarter in 2003 by KZT46.5 m. Operating activities of the Company are loan and factoring operations. [2004-06-09]