Russia's Uralkali H1 net profit down 53 pct
MOSCOW, Sept 10 (Reuters) - Russia's Uralkali <URKA.MM>, the
world's largest potash miner by output, said on Tuesday its
first-half net profit fell 53 percent year-on-year to $397
million, missing forecasts due to increased competition and
foreign exchange losses.
A Reuters poll of 10 analysts had forecast the firm posting
profit of $521 million in the first six months. [ID:nL5N0H52T2]
The firm, whose chief executive is under arrest in Belarus
following Uralkali's dissolution of a sales cartel, said net
revenue was down 29 percent at $1.35 billion. Earnings before
interest, tax, depreciation and amortisation fell 40 percent to
$876 million.
"The fact that some potash importers are holding off
accepting further orders in anticipation of price developments
could have a negative impact on the short-term demand," Uralkali
said in a statement.
(Reporting by Polina Devitt and Alessandra Prentice; Editing by
Douglas Busvine)
((Polina.Devitt@thomsonreuters.com)(+7 495 775 12 42)(Reuters
Messaging: polina.devitt.reuters.com@reuters.net))
Keywords: URALKALI RESULTS/
MOSCOW, Sept 10 (Reuters) - Russia's Uralkali <URKA.MM>, the
world's largest potash miner by output, said on Tuesday its
first-half net profit fell 53 percent year-on-year to $397
million, missing forecasts due to increased competition and
foreign exchange losses.
A Reuters poll of 10 analysts had forecast the firm posting
profit of $521 million in the first six months. [ID:nL5N0H52T2]
The firm, whose chief executive is under arrest in Belarus
following Uralkali's dissolution of a sales cartel, said net
revenue was down 29 percent at $1.35 billion. Earnings before
interest, tax, depreciation and amortisation fell 40 percent to
$876 million.
"The fact that some potash importers are holding off
accepting further orders in anticipation of price developments
could have a negative impact on the short-term demand," Uralkali
said in a statement.
(Reporting by Polina Devitt and Alessandra Prentice; Editing by
Douglas Busvine)
((Polina.Devitt@thomsonreuters.com)(+7 495 775 12 42)(Reuters
Messaging: polina.devitt.reuters.com@reuters.net))
Keywords: URALKALI RESULTS/