OJSC Russkiye Samotsvety Posted Revenue of RUR 464M for 1H 2012

Net profit under RAS for one of the leading Russian jewellery manufacturers OJSC Russkiye Samotsvety, based in Saint Petersburg, increased by 11.3% in 1H 2012 compared to the similar period of 2011. Profit of Russkiye Samotsvety attained RUR 7.1 million, the company posted in financial statement cited by Russian Jewellery Network.
The jewellery producer reported revenue for the above period in the amount of RUR 464.1 million having declined by 5.3%, year-on-year basis.
The company’s gross profit decreased by 5.6% to RUR 280.3 million while sales revenue posted a decline by 1.7% to RUR 103.9 million.
OJSC Russkiye Samotsvety noted pre-tax profit reduction by 1.4% in the first half of 2012 to RUR 9.4 million.
The company said in its statement that in 2011 it signed an agreement on supply of equipment for wedding bands production. Given the launch of new production line and expansion of wedding bands assortment Russkiye Samotsvety intends to raise its share at the local market in Saint Petersburg as well as enhance total sales throughout Russia.
In 2012 Russkiye Samotsvety plans to relocate its production units to new sophisticated facilities. In terms of jewellery production the company will further pursue its strategy, using special software based on 3D technologies as one of the most effective instruments for expansion of product range.
Russkiye Samotsvety also proceeds with implementation of program related to development of property complex – in 2012 it will commission B+ class business-center Faberge 8 having total area of 12,000 square meters.
OJSC Russkiye Samotsvety is involved in production and sales of jewellery and operates a chain of signature stores in Saint Petersburg and Moscow.
The company also exports its jewellery production to 27 countries.