Russia’s Novosibirsk Tin Works (NOK) reported that its operating profit increased to 36.1 million roubles (US$1.5 million) in the first quarter of 2008, up by 18% from the same period last year. In a statement reported by Interfax, the company said its operating margin was 17.1% in full year 2007 and 13.7% in the first quarter of 2008,
Results improved, despite “an acute shortage of raw materials,” thanks to “optimization of expenditures in all areas of the business.” NOK reduced production of commercial tin by 3% to 2,898 tonnes in 2007, but due to higher prices its revenue from tin sales jumped 44% last year. However group sales in Q1 2008 were marginally lower that in the first quarter of last year.
