KIEV, Jan. 29 - The Metinvest group's Northern Mining and Central Mining, two of Ukraine's top five iron ore producers, increased net profit substantially in 2008, the companies reported in the agenda for a March 20 shareholder meeting that will review the year's results and vote on distribution of profits.

Northern Mining closed 2008 with net profit up 90.7% to UAH 3.504 billion, and retained earnings of UAH 4.859 billion.

Northern Mining's total payables increased by 130% in 2008 to UAH 6.521 billion, while long-term financial investments fell nearly 90% to UAH 20.783 million and long-term liabilities decreased by 46.3% to UAH 346.90 million.