According to the Russian Accounting Standards (RAS), the net profit of OAO Russkiye Samotsvety (Saint Petersburg) in the first six month of 2007 grew by 2% reaching 44 million roubles, the company’s general director Sergey Dokuchayev told reporters. The revenue of this company in the period under review rose by 24% up to 559 million roubles. According to S. Dokuchayev, his company’s net profit in 2007 will amount to 100 million roubles.
The general director also said that Russkiye Samotsvety is planning to develop one of the non-mainstream lines of business connected with real property. In particular, the company ordered a design of two three-story top-outs to be erected on its existing buildings located on its own land parcel in the Carl Faberge Square in Saint Petersburg. The area of each top-out will be 11 000 square meters. The construction is to be finished by the end of 2009 – the beginning of 2010. S. Dokuchayev noted that investments into the construction, including the investments into the sales and recreation centre on the same site already under construction, would amount to 45-50 million dollars.
OAO Russkiye Samotsvety was founded in 1912. Today it is the biggest company in Russia producing and selling jewellery with a network of own outlets in Saint Petersburg and Moscow. They export their products to 27 countries. Their range of products accounts for over 3 500 pieces of jewellery. According to the RAS, in 2006 the company’s net profit grew by 1.5% and reached 92.5 million roubles.
In the second quarter of 2007, the revenue of OAO Krasnoyarsk Plant of Non-Ferrous Metals named after V. N. Gulidov (Krastsvetmet is its short name) gained from jewellery production reached 613 245 roubles. This figure is pointed out in the official report of this plant for the second quarter of the current year. Their revenue from jewellery production in the second quarter of 2007 amounted to 17.6% of the total cash receipts. The income from this business has increased by 12.8% as compared with the second quarter of 2006. This increase was induced by expanded range of products and growth of jewellery sales.
The only prominent foreign jewellery company to publish its financial report in August-September was Tiffany.
In the first six months of the 2007-2008 financial year ending on July, 31 the net profit of Tiffany & Co. Inc., an American company manufacturing jewellery and exclusive gifts, grew by 3% up to $86.63 million ($0.80 per one share) as compared with $84.29 million ($0.62 per one share) gained in the same period one year ago. In the reported period, Tiffany & Co increased their sales by 18% to reach the level of $1.26 billion against $1.07 billion in February – July 2006. These data are provided in the financial report distributed by the company. In the second quarter of the 2007-2008 financial year Tiffany & Co decreased their net profit by 10% down to $36.97 million ($0.45 per one share) as compared with $41.14 million ($0.32 per one share) gained in the second quarter of the previous financial year. The company’s sales reached $662.6 million in the mentioned period and surpassed the corresponding indicator for 2006 fixed at $554.7 million by 19%.
The financial results shown by Tiffany & Co turned out to be higher than forecasts made by analysts.
Rough&Polished
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