Acron reduces RAS net profit by 68% to 5.12 bln rubles in 2010
ST. PETERSBURG. March 30 (Interfax) - OJSC Acron reduced its net profit according to Russian accounting standards (RAS) by 68% to 5.123 billion rubles in 2010, the company said in a statement.
Acron said that the decrease in net profit for 2010 (in comparison with 2009) was driven by a reduction in the market value of the company's long-term financial investments, as well as the significant profit from securities sold in 2009.
The statement said that Acron's net profit for the fourth quarter of 2010 came to 4.693 billion rubles in comparison to 2.502 billion rubles in profit for the same period of 2009. Therefore, this figure went up by 87.5% year-on-year.
The company's sales revenue went up by 20% to 22.75 billion rubles and sales profit - 30% to 6.445 billion rubles. Acron's EBITDA increased by 28% to 6.886 billion rubles while the EBITDA margin came to 30% in comparison with 28% in 2009.
Acron said that the increase in sales revenue, sales profit and EBITDA for 2010 was driven by rising production shipments (up 5% in comparison with 2009), as well as rising prices on mineral fertilizers in the second half of 2010.
"At the start of 2011, prices and demand for the main types of mineral fertilizers have continued to increase, which has provided the company with a solid basis to continue active investments and boost total production," the statement said.
