22 Mar 2010 11:07

EuroChem net profit tumbles 60% in 2009

MOSCOW. March 22 (Interfax) - Russian fertilizer producer EuroChem posted a net profit of 11.1 billion rubles in 2009 under International Financial Reporting Standards (IFRS), 60% lower than the net profit in 2008, the company said in a statement.

Revenue fell 33% to 73.6 billion rubles as prices declined sharply from the all-time highs recorded in 2008. EBITDA fell more than 60% to 16.5 billion rubles. The EBITDA margin plunged to 22.4% from 39.5% in 2008.

Operating cash flow totaled 17.5 billion rubles, down from 26.8 billion rubles the previous year.

Net debt/EBITDA amounted to 2.21 at year-end.

Total sales rose 6% to 6.923 million tonnes. Demand gradually recovered in the third and fourth quarters of 2009. Prices began to recover in the fourth quarter, a trend that has continued in the first months of 2010.