OMZ today published its consolidated unaudited interim 2003 accounts prepared under US GAAP.
In the first half of 2003 sales of the Company amounted to US$216 million compared with US$203 million for the same period in 2002.The table below outlines key financial results for the first half of 2002 and 2003.
|
US$ million |
1H2002 |
1H 2003 |
|
Sales |
202.9 |
100% |
215.7 |
100% |
Gross profit |
54.6 |
27% |
61.2 |
28% |
|
Net income |
4.6 |
2% |
14.1 |
7% |
|
International sales |
69.1 |
34% |
98.9 |
46% |
Gross margin reached 28%, EBITDA totaled US$24.5 million and net income increased three-fold to US$14.1 million.The share of international sales increased from 43% in the first half of 2002 to 46% in the first half of this year.Shareholder’s deficit decreased by approximately 50%.
The full text of the accounts can be viewed in the Financial Reports section at www.omzglobal.com.
It has been OMZ’s policy to increase the financial transparency of its operations and the Company has prepared consolidated audited financial statements under international accounting standards ever since its incorporation in 1996.The interim 2003 accounts published by OMZ this month are the first half yearly results prepared by OMZ in its efforts to provide quality financial information to its investors on a timely basis.
For further questions please contact Marina Nacheva, Head of Investor Relations at mnacheva@oma.ru or by phone at (++7095) 974 6021, ext.1494.
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