UralChem boost Net Profit to $257 million for 1H 2008

Russian fertilizer producer UralChem has boosted Net Profit for 1H 2008 to $257 million under IFRS.

The bottom line figure is up 17 times from the $15 million Net Profit posted over the same period 2007.  EBITDA for the half came in at $450 million, up from $39 million, on the back of Revenues of $1.02 Billion, up from $184 million a year earlier.  UralChem CEO, Dmitry Osipov attributed the strong results to the acquisition of two new plants – Azot and Voskresensk Mineral Fertilizers – the modernisation of existing facilities, and strong fertilizer prices – particularly in key export markets, Europe and the United States.