Romania’s Azomures estimates lower profits this year

02 May 2012 12:08  [Source: ICIS news]

BUCHAREST (ICIS)--Romania’s largest fertilizer producer, Azomures, estimates a net profit of Romania New Lei (New Lei) 143.7m (€32.4m) for this year, down sharply compared with a net profit of New Lei 346m in 2011, the company said on Wednesday.

Net sales in 2012 are expected to decrease by 8.4 per cent year on year to New Lei 1.48bn, the company added.

The estimated poorer results are mainly due to a rise in expenses, as Azomures plans to invest €150m in the next four years to refurbish its fertilizer units in Targu Mures, Romania.

The investment is mainly aimed at increasing the capacities of the company’s ammonium nitrate (AN) and urea units, and to bring it in line with EU and local environmental directives.

Azomures has AN and calcium ammonium nitrate (CAN) units that each produce about 300,000 tonnes/year.

The recent acquisition of a majority shareholding in Azomures by Ameropa Holding – through its subsidiary Pelican Fertilizers – was finalised on 22 March.

Pelican Fertilizers is a subsidiary wholly owned by Ameropa and incorporated under the laws of Switzerland. Ameropa is a grain trader in Romania through its cereal storage company.

Azomures produces AN, CAN, urea, complex nitrogen phosphorous potassium (NPK) fertilisers and melamine.

(€1 = New Lei 4.43)

By: Marian Chiriac
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index