23 de marzo de 2016 / 12:28 / en 2 años

UPDATE 1-Phosagro records highest net profit in 3 years helped by rouble

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MOSCOW, March 23 (Reuters) - Phosagro rebounded to a 2015 net profit of 36.4 billion roubles ($598 million) helped by a weakened rouble and low base effect, the Russian fertiliser producer said on Wednesday.

Phosagro, which competes with U.S. firm Mosaic, said it was its strongest performance in dollar terms since 2012.

The fall in the rouble currency helped as prices for most of Phosagro’s products are denominated in dollars and costs are primarily rouble-based.

It said that factor, and 9 percent growth in product sales, had helped offset a decline in global prices.

“Market conditions in 2015 were difficult, with commodity prices declining across the board, and fertiliser prices following the same trend,” Chief Executive Andrey Guryev said.

Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) jumped 119 percent to 82.5 billion roubles ($1.35 billion), while revenue rose 54 percent to 189.7 billion roubles, it said.

Phosagro, which exports to Latin America, India and Europe, said it expected to further increase sales in its target markets in 2016.

It also said it had seen some recovery in prices related to the growth of seasonal demand in markets in Europe and the Americas.

Phosagro expects stable import demand in Latin American markets and stable growth in seasonal import demand from India this year.

However, high competition among suppliers and the export potential from China are expected to remain among the factors limiting further price increases.

In 2014, Phosagro suffered a net loss of 13.4 billion roubles hurt by the revaluation of foreign currency-denominated loans and derivatives operations.

Shares in Phosagro were up 0.3 percent in Moscow on Wednesday, outperforming a MICEX index down 0.5 percent. (Reporting by Polina Devitt; editing by Katya Golubkova and Jason Neely)

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