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Phosagro Q1 net income up one third

June 19/2012

(Reuters) -- Russian fertiliser group Phosagro reported on Monday a 29 percent increase in the first-quarter net income, year-on-year.

"Results were driven by our production flexibility in phosphate-based fertilisers, which enabled us to adapt quickly to changes in the structure of demand that began in late 2011," Chief Executive Maxim Volkov said in a statement on Monday.

Net profit at the world"s second-largest phosphate producer -- after Minnesota-based Mosaic Co -- rose to USD266 million in January-March, year-on-year, from USD213 million. Sales, at USD856 million, were up 6 percent.

The company, which raised USD538 million in a London IPO in 2011, plans to increase fertiliser production and sales in 2012.

Its global depository receipts (GDRs) were down 1.4 percent at USd10.23 by 0821 GMT, compared with an IPO price of USD14 per share.
Author:Anna Larionova
Tags:min.udobreniya, udobreniya.
Category:General News
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