Perm-Based Mineral Fertilizers boosts net profit by 120% in H1
PERM. July 28 (Interfax) - Perm-based OJSC Mineral Fertilizers posted 1.5 billion rubles in net profit according to Russian accounting standards (RAS) for the first half of 2011, the company told Interfax.
The company's net profit for the first half of 2010 came to 697.49 million rubles. Therefore, this figure went up by 120% year-on-year in the first six months of 2011.
The enterprise's sales revenue for the first six months of 2011 came to 4.72 billion rubles, which was a 44.8% increase form 3.261 billion rubles for the same period of 2010. The share of sales revenue from exports comes to 76%.
The increases for the company's results was driven by 150% year-on-year growth in total ammonia deliveries for export, which was the result of high world prices for the product, 60% higher than in the previous year.
The company boosted its ammonia output by 5.5% to 296,000 tonnes in the first half while carbamide production increased by 4.2% to 338,200 tonnes.
Perm-based Mineral Fertilizers produces synthetic liquid ammonia and prilled carbamide.
