Uralvagonzavod Finance’s net profit goes down
Uralvagonzavod Finance announced its net profits and asset value went down in the second quarter of 2009.
The company explains the reason for the 88.7% decrease in the asset value was the shrinking of their long-term liabilities volume: for one, the enterprise retired its 02 bond issue worth 1,980,824,000 RUR (in terms of face value) in the second quarter of the year. As for the dropping net profits (from 11,000 RUR to 5,000 RUR), this had to do with the smaller scale of financial investment.
The company explains the reason for the 88.7% decrease in the asset value was the shrinking of their long-term liabilities volume: for one, the enterprise retired its 02 bond issue worth 1,980,824,000 RUR (in terms of face value) in the second quarter of the year. As for the dropping net profits (from 11,000 RUR to 5,000 RUR), this had to do with the smaller scale of financial investment.
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