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.
Azomures has AN and calcium ammonium nitrate (CAN) units that each produce about 300,000 tonnes/year.
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.
(€1 = New Lei 4.43)
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