Russia’s TogliattiAzot 2016 RAS net profit plummets 94%

MOSCOW, Mar 24 (PRIME) -- The net profit of Russian chemicals company TogliattiAzot dropped by about 94% to 1.283 billion rubles in 2016, as calculated under Russian Accounting Standards (RAS), the company said in a statement on Friday.

Revenue declined 30% to 44.35 billion rubles. Sales profit went down 73% to 7.34 billion rubles and pretax profit fell about 91.7% to 2.39 billion rubles.

“The revenue fall of TogliattiAzot is in line with a 2016 trend: lower prices for the company’s key products of the company -- ammonia and carbamide -- on the global market, which resulted in a reduction of the average sale price. Revenue fell in the period despite a flat sales volume of 3.2 million tonnes in 2016,” the company said in the statement.

Investment in production amounted to 6.2 billion rubles in 2016.

(57.5228 rubles – U.S. $1)

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