Samruk-Kazyna's consolidated profit up 13 percent in 2011 - Shukeyev
ASTANA. February 16. KAZINFORM In an interview for Russian daily Kommersant, Chairman of the National Welfare Fund "Sumruk-Kazyna" Umirzak Shukeyev told about the results of the Fund's work in 2011.
"The final audited financial statements for 2011 will be released in May. According to preliminary estimates, the consolidated profit in 2011, excluding second-tier banks, which under the law are not included in the group of the Fund, is estimated at KZT 594 billion, which is 13% more than in 2010.
All subsidiaries, according to preliminary data, also finished 2011 with a profit. Exceptions are "Tau-Ken Samruk", United Chemical Company (UCC), the international airport of Aktobe and the Development Bank of Kazakhstan. The main reasons for the negative result of the Development Bank of Kazakhstan were the decrease in the size of the loan portfolio due to low utilization and the increase in expenditures for the formation of provisions. The international airport of Aktobe, which is a natural monopoly, finished 2011 with a loss of KZT 4 million due to inadequately low tariffs for airport services," Shukeyev noted.