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During the first six months 2005, one of the largest Russian newspaper producers Volga Pulp and Paper Mill (Nizhni Novgorod region) churned out products for RUR 3.258 billion (app. $111 million), which constituted an increase of 12% compared with the same period a year ago. Net profit amounted to RUR 502 million (app. $17 million) compared with dead loss of RUR 65 million (app. $2.17 million) in 2004.
Account payable by July 1 grew 1.4 times to RUR 240 million (app. $8 million), accounts receivable were up 1.5 times to RUR 1.3 billion (app. $45 million).
72.98% of mill’s shares belongs to Nizhni Newsprint Holding Ltd. (controlled by Ost-West Group), 19.9% — to Volga Newsprint, 5.5% to NBD-Bank (Nizhni Novgorod).
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