Chelyabinsk Zinc posts 1Q 2011 net profit of 471 million roubles

Zinc producer, Chelyabinsk Zinc, has posted a 1Q 2011 net profit of 471 million roubles under IFRS.

The bottom line increased 3% year on year from 1Q 2010 net result of 458 million roubles, with EBITDA up 3% to 774 million roubles, as revenues rose 17% year on year to 3.1 billion Roubles.In the accompanying statement the Company attributed its higher revenues to increased zinc prices, with the LME price up 5% year on year to $2,393 per tonne on average, and a 24% increase in Russian sales volumes of zinc and zinc alloys.