2 Nov 2010 14:37

Silvinit reduces net profit by 17.6% in Q3

PERM. Nov 2 (Interfax) -Russian fertilizer producer OJSC Silvinit (Solikamsk) posted 4.858 billion rubles in net profit according to Russian accounting standards (RAS) in the third quarter of 2010, the company said in a statement.

The company's net profit for the same period of 2009 came to 5.896 billion rubles. Therefore this figure went down by 17.6% year-on-year in the third quarter of 2010.

It was earlier reported that Silvinit posted 7.977 billion rubles in net profit for the first half of 2010. Therefore, the company's net profit for January-September 2010 went up by 6.9% year-on-year to 12.835 billion rubles (from 12.007 billion rubles in the same period of 2009).

The increase in net profit for the third quarter against the second quarter came to 26.5% (up from 3.84 billion rubles). The company said that this had been driven by an increase in total production shipments.

Silvinit, from the Perm territory, develops the Verkhnekamsk potassium-manganese salt deposit with commercial reserves of 3.8 billion tonnes of ore.

It is targeting potash production to rise 20% to 4.2 million tonnes in 2010.