Net income of Khorezm Shakar increases by 1.82 times in 1Q

Net revenue from realization of goods reached 161.512 billion soums in January-March 2014 against 146.25 billion soums in the first quarter of 2013, the document said.

The prime cost of the produced goods exceeded 125.685 billion soums in the first three months of 2014 against 102.547 billion soums in the same period of 2013.

Gross income from realized goods fell from 43.704 billion soums to 35.854 billion soums in the reporting period. The expenses rose from 11.353 billion soums to 13.601 billion soums.

Income from financial activities made up 3.764 billion soums in January-March 2014 against 2.05 billion soums in the same period of 2013. The expenses from financial activities fell from 1.905 billion soums to 1.427 billion soums in the reporting period.

The assets of the company fell from 202.684 billion soums to 197.442 billion soums in the reporting period. Long term assets rose from 46.204 billion soums to 46.556 billion soums in the reporting period, while turnover assets decreased from 156.48 billion soums to 150.885 billion soums.

Own capital of the company reached 43.017 billion soums in the first quarter of 2014 against 48.256 billion soums in the same period of 2013. The charter capital of the venture made up 14.2 billion soums, and comprises of 1.42 million ordinary shares with par value 10,000 soums each.

Liabilities of the enterprise decreased from 154.428 billion soums to 154.424 billion soums in the reporting period.

Khorezm Shakar JV OJSC is an only sugar producer in Uzbekistan. Khorezm Sugar Plant was commissioned in 1998. The cost of the plant is US$83.25 million. Preliminary plant was designed for processing sugar-beet, which was planned to plant in Uzbekistan. The capacity of the plant was 3,000 tonnes of sugar-beet a day. But low crop pushed to conserve the plant.

Shakar Investment, an Uzbek-Austrian-US joint venture, carried out project on transfer of the capacity to processing of cane sugar with the cost of US$2 million in 2002. Currently, the plant can process 1,000 tonnes of cane sugar a day.

Shareholders of the company are Motril Investments (Panama, 69.43%), KITO Investments (Singapore, 20%), SEID Handels GmbH (Austria, 10%) and employees (0.57%).