Announcement

Collapse
No announcement yet.

"Mika cement" pays off its debts and resumes production

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • "Mika cement" pays off its debts and resumes production

    "Mika cement" pays off its debts and resumes production

    by Arthur Yernjakyan

    ARMINFO
    Friday, October 10, 18:50


    The "Mika cement" plant that has not been functioning since April of
    the current year, started production. It will produce 100 thsd tons
    of cement till the end of 2014, Director of the plant, Naira
    Martirosyan, told Arminfo correspondent.

    She said that the production was resumed at the end of September when
    all the main debts were paid off. "We paid off the main debts on
    salary and electric power and at present we have been paying off the
    current debts", - she said. She also added that at present the
    furnace is functioning and the full circle of production has been
    organized. The plant has got into top gear. The total of 410 people
    have been employed at the plant. The production of the plant is sold
    at the local market. However, the company is going to export its
    production to Georgia and Russia, if the prices are competitive.
    Martorisyan also added that they are going to extend assortment of
    production and to raise its quality.

    To note, the production volumes of "Mika cement" started decreasing in
    2009 after the global economic crisis. So, in 2011 "Mika cement"
    produced about 120-130 tons of cement, although before the crisis in
    2008 the production volume was 375 thsd tons.

    To note, businessman Mikhail Bagdasarov is a former owner of the
    plant. The property of "Mika Cement" was pawned for the credit debt to
    VTB Bank (Armenia). "Mika Cement" did not publish its financial report
    for 2013. But we can see from the previous reports that the debt of
    the enterprise was growing for the last years. So, in 2012 the loss of
    the company was more than 2,3 billion AMD versus 22 million AMD in
    2011 and 19 million AMD in 2010 and 5,6 million AMD in 2009.

Working...
X