Uralkali IFRS net profit drops 64% to $269 mln in H2, missing forecast
MOSCOW. April 10 (Interfax) - Uralkali posted a net profit of $269 million in the second half of 2013 under international financial reporting standards (IFRS), 64% less than in the same period last year, the company said in a press release.
Analysts at 10 investment companies and banks told Interfax in a consensus forecast that the second half profit would be $361 million (Metropol came closest with a forecast of $282 million).
Net profit for the full year declined 58% to $666 million. "The decrease came as a result of lower potash prices year-on-year, loss from revaluation, payments to top management as part of the long-term incentive program, and one-off expenses, including provision for resettlement in Berezniki," the press release says.
Net revenue (revenue net of freight, railway tariffs and transshipment costs) declined 20% to $2.665 billion. EBITDA fell 31% to $1.634 billion. The EBITDA margin declined to 61% from 71% in 2012.
The average export price for a tonne of potassium chloride fell 28% to $268 per tonne (FCA) from $370 in 2012. Cost of sales totaled $58 per tonne.
Potash production advanced 10% to 10 million tonnes, while sales were up 5% at 9.9 million tonnes.