Phosagro Reports Huge Increase in Profits; Fertilizer Outlook Positive

Phosagro (Moscow), a leading phosphate fertilizer producer, today reported huge increases in net income and Ebitda for the first six months of this year. The company wasrecently listed on the London and Moscow stock exchanges. Net income in the six months to June 30, 2011 rose 156% to ruble12.3 billion ($429 million) compared with the year-earlier period. Ebitda more than doubled from ruble8.6 billion to ruble17.8 billion on 35% higher revenues at ruble48.8 billion. Performance in the first six months was influenced primarily by higher fertilizer prices compared...

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