Estonia, Good for Business, Markets and Companies, Metals Market
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Thursday, 23.05.2013, 05:10
Silmet Grupp's profit grew 10 times in 2011
Juhan Tere, BC, Tallinn, 21.06.2012.
Print version
Print versionSilmet Grupp, the biggest shareholders of which is Estonia's former prime minister Tiit Vähi, earned in 2011 28.5 million EUR of profit versus 2.9 million EUR in 2010, Postimees Online/LETA reports.
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The profit was the result of financial income that amounted to 29 million euros. The turnover of the group was 954,000 euros and operating loss 471,000 euros.
Silmet Grupp earned the huge profit from selling 90% of rare earths plant Molycorp Silmet to U.S. bourse-listed company Molycorp for 62.2 million euros.
Due to the fall of Molycorp's share price, the company made a loss of 23.5 million euros.
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