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PhosAgro reports decline in first-quarter net profit on higher sales and margin

2:20 PM MDT | May 20, 2014 | Natasha Alperowicz

PhosAgro (Moscow), a leading fertilizer producer, today reported a major decline in first-quarter net profit but higher Ebitda and Ebitda margin. Net profit was down 42%, to 1.9 billion Russian rubles ($55 million), on revenues 2% higher, at R29.4 billion. The company cites the devalued Russian currency as the main reason for the decline in net profit. Ebitda was up 13%, to R8.6 billion, and Ebitda margin was 29% compared with 26% in the first quarter of 2013. PhosAgro, predominantly a phosphate fertilizer producer, reports a 5.6% decline in phosphate-based...

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