12 May 2011 15:12 [Source: ICIS news]
LONDON (ICIS)--Azomures saw its first-quarter net profit approximately double to Romania New Lei 44.1m ($15.3m, €10.8m) on improved demand for fertilizers, the Romanian producer said on Thursday.
Sales revenues for the quarter stood at New Lei 408.3m, an increase of 44% year-on-year, it added.
On the downside, Azomures said raw materials expenses rose 88% year-on-year to New Lei 246m because the government introduced a policy which meant fertilizer producers lost their right to solely purchase domestically produced gas, which is considerably cheaper than imported gas.
Competitor InterAgro has closed six fertilizer units in ?xml:namespace>
The operating profit of Azomures was New Lei 88.9m, around four times what was recorded in the first quarter of last year.
The company is 55% owned by
($1 = New Lei 2.88, €1 = New Lei 4.09)
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