Ammophos raises net profit 36% in 2011
ST. PETERSBURG. March 16 (Interfax) - OJSC Ammophos , a unit of Russian fertilizer group PhosAgro, increased net profit 35.6% to 8.755 billion rubles in 2011, the company reported in a financial statement.
The company said revenue jumped 50% to 44.243 billion rubles on the back of higher product prices, as well as an increase in production and shipments. Costs rose by 30% to 25.703 billion rubles.
Operating profit surged 90% to 14.438 billion rubles, and pretax profit grew 30% to 11.05 billion rubles.
The company's short-term receivables shrank to 2.97 billion rubles on January 1, 2012 from 10.873 billion rubles a year earlier, and short-term payables fell to 1.761 billion rubles from 9.709 billion rubles.
Ammophos produces mineral fertilizer, sulfuric and phosphoric acids.
The PhosAgro group, which has a vertically integrated phosphate fertilizer production chain from mining to production of finished products, also includes Cherepovets Azot , Balakovo Mineral Fertilizers, and Apatit . The shareholders of Ammophos and Cherepovets Azot at the end of February approved plans to merge these two companies; the merged company will be called OJSC PhosAgro Cherepovets.