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29 Apr, 2010 10:56

Acron posts FY 2009 net profit of 7.256 million Roubles

Acron posts FY 2009 net profit of 7.256 million Roubles

Russian fertilizer producer, Acron, has posted a FY 2009 net profit of 7.256 million Roubles under IFRS.

The bottom line is down 27% year-on-year from a FY 2008 net profit of 9.891 million Roubles, with EBITDA down 58% year on year to 7.275 million Roubles, as revenues fell 13% to 37.542 million Roubles

The company attributed the results to lower prices on the global market, with Alexandr Popov, Chairman of Acron’s board of directors, expecting this year to continue strengthening, underpinning a buoyant outlook.

“Our solid financial performance in 2009 proves that fertiliser industry has strong fundamentals. Our 2010 efforts will focus on improving business efficiency and profitability at all stages of value chain. Our operating plan includes maintaining at least a 90% capacity utilisation rate and increasing sales of high value-added products. Because of steps taken to improve efficiency at Hongri Acron, the Group hopes this company will post a positive financial result in 2010. This year, we will continue streamlining the Group’s credit portfolio. As the capital market stabilises, the Group’s improved liquidity and creditworthiness will favourably affect the corporate debt structure. In 2010, the Group will remain committed to its investment objective of promoting vertical integration. In the current year we will invest heavily in the phosphate projects of North-Western Phosphorous Company, scheduled for commissioning in early 2012.The global mineral fertiliser market has been vigorously rebounding, which has had a positive impact on the company’s financials. This supports our expectation that generated cash flow will be sufficient to implement the investment programme and meet our creditor and shareholder obligations.”