Apatit net profits drop 47% in H1
MURMANSK. Aug 15 (Interfax) - OJSC Apatit , part of the PhosAgro holding, saw its first-half net profits decrease 47% year-on-year to 2.070 billion rubles, the company reported.
The company's sales revenues were down 7.8% at 17.602 billion rubles, and its production costs 17.7% at 10.861 billion rubles.
The drop in sales revenues was associated with the absence in the first half of income from the sale of mineral fertilizers, the report says.
However sales profits increased 40% to 3.144 billion rubles, pretax profits 27.8% to 2.619 billion rubles.
Apatit's short-term accounts payable contracted from 3.244 billion rubles at the start of the year to 2.942 billion rubles as of June 30. Short-term accounts receivable decreased from 6.204 billion rubles to 5.660 billion rubles over the half.
The company made net profits to Russian Accounting Standards (RAS) of 5.278 billion rubles in 2010.
Apatit is developing the Khibiny apatite-nepheline deposits. Ore is processed by two apatite-nepheline enrichment plants.
PhosAgro produces mineral fertilizers from phosphates it mines. The holding includes Ammophos and Cherepovets Azot , both in Vologda Region, Balakovskye Minudobreniya in Saratov Region, and Apatit, 20% whose of shares belong to the government.
