Results of activity of UKTMC JSC (Kazakhstan) in the I half of 2004

/IRBIS, Galina Tsalyuk, October 15, 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 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, unless other wise specified): ----------------------------------------------------------- As of As of Change, Indicator Jul 1, 03 Jul 1, 04 % ---------------------------- --------- --------- ------- Authorized capital (paid) 21,582 157,549 +630.0 Shareholders' equity 8,428,382 8,910,772 +8.7 Total assets 7,496,105 8,148,435 +5.7 Net working capital 2,499,383 3,437,565 +37.5 Accounts receivable 593,555 1,199,722 +102.1 Total liabilities 932,277 762,337 -18.2 Accounts payable 932,277 670,979 -28.0 Borrowed loans - 68,225 - Sales volume 4,756,442 5,790,745 +21.7 Cost of goods sold 4,052,537 4,874,149 +20.3 Net income for the period 84,805 327,993 +286.8 Book value of one share, KZT 6,946.63 3,999.12 -42.4 ----------------------------------------------------------- Relative to similar period of 2003 there is increase of: - shareholders equity - by KZT652.3 m. because of growth of paid authorized capital by 136.0 m. and total sum of undistributed income - by 635.0 m. that was partially covered by falling of additional unpaid capital by 118.7 m. - assets - by KZT482.4 m. as the result of growth of accounts receivable by 606.2 m. and funds - by 267.5 m., while inventory fell by 352.4 m. and other assets - by 38.9 m.; - sales volume - by KZT1.0 bn; - cost of goods sold - by KZT821.6 m. Company's liabilities fell by KZT169.9 m. in comparison with the I half of 2003, as the result of falling of accounts payable by 261.3 m. that was partially compensated by borrowing of loans for 68.2 m. and appearance of deferred income tax in the amount of 23.1 m. Net income, which UKTMC OJSC received in the I half of 2004, exceeded its net income of similar period of 2003 by KZT243.2 m. Company's primary activities - production and sale of non-ferrous metals (high-quality titanium sponge, and commercial magnesium). [2004-10-15]