Glavstroy Corporation reports 2009 net profit
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 16.11.2010 |
Glavstroy Corporation closed 2009 with net profit 3.1 billion rubles to International Financial Reporting Standards (IFRS), compared with losses of 19.9 billion rubles in 2008.
Gross profit rose 90% compared with 2008 to 5.7 billion rubles. The gross margin increased from 9% in 2008 to 22% in 2009. Sales revenue fell to 26 billion rubles in 2009, from 34.5 billion rubles in 2008.
"The crisis phenomena in the economy in general and in the construction industry in particular resulted in a considerable contraction of construction and installation volumes and construction materials production. But we regard the financial results for the year as satisfactory. Last year was a splendid example of the results that can be achieved by our efforts to optimize manufacturing processes and cut costs. By preliminary estimates, the results for 2010 will be no less optimistic. We have laid a solid foundation to increase the company's financial stability and for further growth," said Alexey Barantsev, General Director, Glavstroy.
Glavstroy has been implementing a lean manufacturing system since the end of 2008, resulting in reduced expenditure and unit costs and enhanced goods and work quality. The consolidated financial report for Glavstroy Corporation includes financial results for Glavstroy Corporation LLC, Glavstroy OJSC, Glavstroy SPb LLC, Glavmosstroy Holding Company OJSC and Mospromstroymaterialy OJSC.
SKRIN
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