29 May 2013 16:41 [Source: ICIS news]
LONDON--Uralchem’s first-quarter net profit fell 55% year on year to $161m (€126m) despite a rise in revenues, the Russia-based fertilizer producer said on Wednesday.
The company said the decline in net profit was due to the revaluation of its share in production unit Minudobrenia, located in Perm, carried out in 2012, as well as to a foreign exchange gain the company benefited from the same period in 2012.
Revenue in the first quarter rose 2% year on year to $683m, while operating profit increased by 24% to $220m. Adjusted earnings before interest tax depreciation and amortisation (EBITDA) rose 21% to $250m.
The results were reported in accordance with the International Financial Reporting Standards (IFRS).
Dmitry Konyaev, CEO of Uralchem, said: “In the first quarter of this year, Uralchem increased its revenues and the adjusted EBITDA grew substantially. This shows how effectively the company is working.
“Uralchem is still focusing on production of high-margin products demanded by the market. The first three months of 2013 showed the sort of results which we had anticipated. This is a positive testament to our strategy of strengthening our position in the nitrogen segment.”
($1 = €0.78)
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