The company said that Khorezm Shakar JV OJSC realized 77,942 tonnes of products in the reporting period.

Net income of the company grew from 8.426 billion soums in the first quarter of 2011 to 12.373 billion soums in the first three months of 2012.

Net sales made up 173.151 billion soums in the reporting period against 162.253 billion soums in the same period of 2011.

Prime cost of produced goods exceeded 131.266 billion soums in January-March 2012 compared to 141.517 billion soums in the same period of 2011.

The assets of the company grew from 155.285 billion soums in the beginning of 2012 to 168.57 billion soums in the first quarter of 2012.

Long-term assets increased from 37.455 billion soums to 37.728 billion soums in the reporting period, while turnover assets – from 117.83 billion soums to 130.842 billion soums.

Own capital of Khorazm Shakar grew from 36.16 billion soums in the beginning of 2012 to 38.442 billion soums in the first quarter of this year.

The charter capital of the venture made up 14.2 billion soums, and comprises of 1.42 million ordinary shares with par value 10,000 soums each.

Liabilities of the enterprise grew from 119.124 billion soums in the beginning of 2012 to 130.129 billion soums in the first quarter of 2012.

Khorezm Shakar JV OJSC is largest sugar producer in Uzbekistan. Khorezm Sugar Plant was commissioned in 1998. The cost of the plant is US$83.25 million. Preliminary plant was designed for processing sugar-beet, which was planned to plant in Uzbekistan. The capacity of the plant was 3,000 tonnes of sugar-beet a day. But low crop pushed to conserve the plant.

Shakar Investment, an Uzbek-Austrian-US joint venture, carried out project on transfer of the capacity to processing of cane sugar with the cost of US$2 million in 2002. Currently, the plant can process 1,000 tonnes of cane sugar a day.

Shareholders of the company are Motril Investments (Panama, 69.43%), KITO Investments (Singapore, 20%), SEID Handels GmbH (Austria, 10%) and employees (0.57%).