4 May 2010 16:17

Acron sees Q1 earnings tumble two-thirds to 1.2 bln rubles

MOSCOW. May 4 (Interfax) - Acron's net profit to Russian Accounting Standards (RAS) fell almost two-thirds in Q1 2010.

The fertilizer producer said in a statement that the closed the quarter with earnings of 1.19 billion rubles, down from 3.502 billion rubles in the same period of last year.

Net profit in Q1 2010 was down 52.4% from Q4 2009 due to slower growth in the market value of long-term, financial investments.

The Acron holding company is one of Russia's largest mineral fertilizer producers. It includes OJSC Acron (Veliky Novgorod), OJSC Dorogobuzh (Smolensk region) and Hongri Acron (China).

Dorogobuzh turned first-quarter net profits to Russian Accounting Standards (RAS) of 1.461 billion rubles, up 37% from 1.064 billion rubles in the same period last year.