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PhosAgro Reports a Huge Rise in Net Profits; Plans New Ammonia Plant

6:10 AM MDT | April 23, 2012 | Natasha Alperowicz

PhosAgro (Moscow), a leading global fertilizer player, today reported an 88% increase in 2011 net profits to rubles 22.5 billion ($765 million) on sales 31% higher at rubles 100.5 billion, surpassing the roubles 100 million mark for the first time. Sales of phosphate-based fertilizers rose 6% to 4.06 million m.t. but sales of phosphate rock declined 12.3% to 4.15 million m.t. Nitrogen fertilizer sales were 4.6% up on 2010 at 889.4 million m.t.   The company completed a modernization project at the Cherepovets Ammophos complex raising NPK fertilizer capacity...

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