Romania’s Azomures 2011 net income up sharply on improved demand

15 February 2012 12:05  [Source: ICIS news]

BUCHAREST (ICIS)--Azomures’s net income in 2011 rose sharply to New Lei 346m (€80m, $104m) from New Lei 154m in 2010, mainly because of higher fertilizer prices and improved demand, the Romania-based fertilizer producer said on Wednesday.

Net sales in 2011 rose 35% year on year to New Lei 1.62bn, the company added.

Azomures is to be acquired by Swiss grain and fertilizer trader Ameropa Group. In November, Ameropa had successfully concluded negotiations with a Turkish group of investors that control Azomures Holding and Eurofert, which together hold 75.9% of Azomures.

The acquisition would proceed once the approval of Romania's competition regulator is obtained.

Azomures produces ammonium nitrate (AN), calcium ammonium nitrate (CAN), urea, complex nitrogen phosphorus potassium (NPK) fertilizers and melamine.

(€1 = New Lei 4.35, $1 = New Lei 3.32)

By: Marian Chiriac
+44 20 8652 3214

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