Acron posts 1H 2009 Net profit of 947 million Roubles

Russian fertilizer producer Acron, has posted a 1H 2009 net profit of 947 million Roubles under IFRS.

The Net result is down 55% on the 1H 2008 figure with EBITDA falling 44% year on year to 1.4 billion Roubles, as Revenues slid 9% year on year to 5.13 billion Roubles.

Despite the slide in net result the figures came in better than expected against a backdrop of a sharp fall in fertilizer prices. Senior Vice President Alexander Popov was upbeat about the posting, noting rising production volumes and continued profitability.

“Against the backdrop of stable demand in the Russian market, we managed to increase output in H1 2009. Revenue shrank only by 9% despite a more significant drop in product prices. Profitability is at the acceptable level.”