Results of activity of AtMGG OJSC (Kazakhstan) in the I half of 2004

/IRBIS, Galina Tsalyuk, October 12, 04/ - Atyraumunaigasgeologiya OJSC (AtMGG OJSC, Atyrau), whose bonds are circulating in the official "B" listing category of Kazakhstan stock exchange Inc. (KASE), provided KASE with the financial statement for the I half of 2004. Following indicators are result of the issuer's financial and economic activity in the I half of 2004, based upon the issuer's data (th. KZT): ---------------------------------------------------------------- As of As of Indicator Jul 1, 03 Jul 1, 04 Change,% -------------------------------- --------- --------- -------- Authorized capital (paid) 140,819 2,500,000 +1,675.3 Shareholders' equity 268,106 2,651,260 +888.9 Total assets 591,691 3,232,289 +446.3 Net working capital 85,900 2,555,227 +2,874.7 Accounts receivable 175,972 67,517 -61.6 Total liabilities 323,585 581,029 +79.6 Accounts payable 142,722 44,897 -68.5 Borrowed loans (excluding bonds) 19,149 379,494 +1,881.8 Issued bonds 146,100 146,100 0.0 Sales volume 516,876 397,312 -23.1 Cost of goods sold 378,334 319,949 -15.4 Net income for the period 50,992 16,100 -68.4 ---------------------------------------------------------------- Relative to the I half of 2003 following accounts increased: - shareholders' equity - by KZT2.4 bn. due to growth of the paid authorized capital by 2.3 bn. and undistributed income - by 24.0 m; - assets - by KZT2.6 bn., because of appearance of other current assets amounting to 2.3 bn., equal to growth of authorized capital, and expenses of future periods amounting to 194.8 m., and also because of growth of inventory by 109.8 m. and other assets - by 84.3 m., whereas accounts receivable fell by 108.4 m.; - liabilities - by KZT257.4 m. because of growth of borrowed loans volume (excluding bonds) by 360.3 m. and expenses charged - by 10.5 m. that was partially covered by falling of accounts payable by 113.4 m.; Sales volume fell by KZT119.6 m. in comparison with the I half of 2003, cost of goods sold - by KZT58.4 m. Net income AtMGG OJSC earned in the I half of 2004 has decreased by KZT34.9 m. relative to similar period of 2003. Company's primary activities - assembling and dismantling of drilling and oil and gas industry equipment; drilling of oil and gas wells; underground and major repairs of oil and gas wells; designing of oil and gas wells building; testing and development of wells and other. [2004-10-12]