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By Nariman Gizitdinov
Aug. 22 (Bloomberg) -- Kazakhstan Kagazy Plc, a cardboard maker with real-estate assets, said it boosted first-quarter net income after gaining market share in its paper markets.
Net income increased to $4.3 million for the three months ended March 31, 2008, from $0.1 million for the same period a year earlier, Kagazy said today in a statement distributed by Business Wire. Earnings before interest, taxes, depreciation and amortization fell by 14 percent to $3.1 million in the period, the Almaty-based company said.
"The domestic and international credit crisis has had a dampening effect on the real economy and has weakened the demand for paper products in the near term,'' Yuriy Bogday, Chief Executive Officer of Kazakhstan Kagazy Plc, said in the statement. ``Looking forward, we expect our revenues to grow at a lower rate for the rest of the year than in the first quarter.''