MOSCOW, May 21 (PRIME) -- Russian fertilizer producer Acron has swung to a U.S. $153 million net loss in January–March from a $133 million net profit in the same period of 2019 on ruble devaluation, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Thursday.
“The loss was primarily generated by non-cash items, namely a $148 million foreign exchange loss from revaluation of foreign currency-denominated assets and liabilities, due to a slump in the dollar to ruble exchange rate in the reporting period,” the company said.
Revenue decreased by 5% on the year to $423 million in the period, and earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 31% to $110 million.
Net debt of the company went up by 4% in the period to $1.258 billion as of the end of March.
For further details, see the company’s statement on its official website:
https://www.acron.ru/en/press-center/press-releases/200725/
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