Pavlovskgranit's first-half results

Russian company 3672 Pavlovskgranit has reported that its production volume and sales rose by 17.4% and 10.2% in the first half of 2011 compared with the same period last year.

However, the company says it is hard to keep the financial results due to a constant increase in prices for fuel and lubricant (from 2% to 12%) and energy costs (by 31%). Also, since 1 January, 2011, the tax burden has gone up; there has been an 8% growth of insurance payments and an 18-fold increase in the land tax amount compared to 2010.

“In connection with these factors the company’s financial results for the first half of the year do not look positive. Meanwhile, Pavlovskgranit carries out the modernisation of the production, and capital investment grew by 30.8% compared with the same period last year,” says the company.