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UralChem posts 1H 2011 net profit of $244 million

UralChem posts 1H 2011 net profit of $244 million
Russian fertilizer producer, UralChem, has posted a 1H 2011 net profit of $244million under IFRS.

The bottom line compares with a 1H 2010 net loss of $13.5

million, with Adjusted EBITDA jumping 146% year on year to $336.8 million, as revenues climbed 56.1% to $1.04 billion from $663.5 million a year earlier.

UralChem CEO Dmitry Konyaev, was upbeat about the results, saying they laid the basis for a sound FY financial performance.

“In the first six months of 2011 the Company significantly increased revenues, net profit and Adjusted EBITDA. The ratio of net debt to EBITDA stands at 1.8. The market environment and the results for the reporting period let us assume that the year 2011 will be quite successful for Uralchem Group.”