ARMZ Uranium Holding Co. Releases its 2010 IFRS Statements
ARMZ Uranium Holding Co. (JSC Atomredmetzoloto) has published its 2010 consolidated financial statements prepared under the international standards and the Independent Auditor Report prepared by BDO.
The financial results of Atomredmetzoloto reflect the efficiency increase of the company's business during the financial year. Profit ratio of ARMZ Uranium Holding Co. during the period grew by 113% to RUR 12.332 bln as compared to RUR 5.789 bln in 2009. Operating profit increased by 11% – from RUR 8.9 bln to RUR 9.9 bln. Sales revenues in 2010 grew by 2% - to RUR 30.4 bln as compared to RUR 29.8 mln in 2009.
Atomredmetzoloto publishes its IFS financial statements for the third time. Due to accounting policy changes regarding Joint Venture accounting (since 2010 a proportional consolidation method is applied instead of formerly applied equity accounting method) financial statements for 2009 prepared under the international standards were updated according to new norms.
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