Assets of Kazanorgsintez PJSC increase up to 77.1 RUB bn

6 May 2019

Assets of Kazanorgsintez PJSC increase up to 77.1 RUB bn

Kazanorgsintez PJSC published the accounting statements for the first quarter of 2019. According to the balance sheet, as of 1 April 2019 as relating to indicators as of 1 January 2019, the assets of the Company increased by 4.6% up to 77.1 RUB bn. The gain was due to the increase in current assets i.e. first of all, in monetary funds and financial investments

Despite the commissioning of new industrial facilities (new cracking furnaces, a new plant for carbon black masterbatch production) and new projects launched in 2019, Kazanorgsintez PJSC still managed without borrowed funds in the first quarter of 2019.

At the same time, a change in market conditions influenced the financial result of the Company. The net profit of Kazanorgsintez PJSC in the first quarter amounted to 4 RUB bn which is 16.6% lower than the indicator for the same period of the last year. In 2018, prices for HDPE reached a record level in the entire price history; the share of HDPE in the revenue of Kazanorgsintez PJSC exceeds that of other types of products. In November and December, prices fell down due to the increase in supply and the reduction in demand. In early 2019, this loss was not yet recovered.

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ПАО "Казаньоргсинтез"

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