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Bor Glass Factory: production down in 1998

8 April 1999: Bor Glass Factory (Nizhny Novgorod region), one of the largest Russian producers of car and construction glass, has posted year-on-year production figures slightly down in 1998, Vladimir…

8 April 1999: Bor Glass Factory (Nizhny Novgorod region), one of the largest Russian producers of car and construction glass, has posted year-on-year production figures slightly down in 1998, Vladimir Kolodezny of the factory said. Reinforced glass production amounted to 2,294,000 square metres, and automobile glass production to 1,239,000 square metres in 1998, down 13% and 18% from 1997 respectively. Window, mirror and glassware production also fell. Polished glass production increased 1% to 13,304,000 square meters. Sales fell 20%-30% after the August crisis, largely due to reduced domestic orders. The factory increased exports of polished glass and glassware so as to stabilize sales figures, Kolodezny said. Profit from sales amounted to Rbs 45.2 million in 1998, down from Rbs 56.6 million in 1997. The fall in profit was due to funds being reserved for renovation work to be carried out in 1999 (Rbs 84.6 million in 1998 as opposed to Rbs 9.2 million in 1997). Pre-tax profit amounted to Rbs 212.4 million, up from Rbs 147.2 million in 1997. The factory spent Rbs 74.3 million on modernizing a polished glass cutting unit, starting a reinforced glass unit and on environmental projects in 1998. Bor Glass Factory charter capital amounts to Rbs 419 million in 4,410,066 common shares with a par value of Rbs 95. The largest shareholders are the Belgian company Glaverbel – 25%, the European Bank for Reconstruction and Development – 19.3%, MFK – 19.3%, and Alfa Capital investment fund – 7.9%, with the remaining shares being held by private investors.

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