Annual Profits More than Double for Sibur-Russian Tyres
SIBUR Holding JSC reports that its Sibur-Russian Tyres JSC (SRT) operation generated 23,777 million roubles (£508 million) in revenue in the year ended December 31, 2007, an increase of 25.2 per cent on the 18,989 million (£406 million) of a year earlier. Operating profit, at 592 million roubles (£12.6 million) was a healthy 212 per cent above the previous year’s figure. In the absence of income tax or other costs, net profit for the year also stood at 592 million roubles.
Broken down into product segment, the total SRT tyre sales of 23,777 million roubles were largely made up of truck tyre sales, which stood at 13,385 million roubles (£286 million), a 26.4 per cent per cent increase on 2006 sales. Passenger car tyre sales, at 6,279 million roubles (£134 million) increased year on year by 27.4 per cent, and other tyre (including aircraft and agricultural) sales increased 18.4 per cent to 4,113 million roubles (£88 million).
Group president, Dmitry Konov, speaking on the group’s overall performance, said: “These results again show a strong financial performance building on the successes of the previous year. However, to maintain our growth we will be focused on increasing the efficiency of existing production sites and on the construction of new state of the art facilities in gas processing and polymers.” Specific commentary on the performance of the tyre business was not given.