Kemerovo Azot boosts net profit by 360% in H1
KEMEROVO. Aug 12 (Interfax) - Kemerovo-based OJSC Azot posted 2.;904 billion rubles in net profit for January-June 2011, which is a year-on-year increase of 360% from 633.653 million rubles posted for the same period of 2010, the company said in its quarterly reporting.
The plant's sales revenue went up by 70% to 14.543 billion rubles.
The company's net profit soared thanks to increasing production, sales and product prices. Exports counted for 74.8% of total product sales.
The report said that the company is obliged for maintaining the entire protection area around its industrial hub, which includes the relocation of all residents of three settlements. The company values is own costs for the relocation of around 3,500 people from the zone at 2 billion-3 billion rubles.
Kemerovo-based Azot is a major supplier of ammonia nitrate and carbamide for Russia's domestic market. The company supplies around 80% of ammonia nitrate to agricultural and industrial consumers in Siberia and Russia's Far East.
As of June 30, SIBUR-Mineral Fertilizers owned 76.79% of the common shares in the company.