Acron reports first half revenue of RUB 51,199 million - down 2% year-on-year.
EBITDA was down 9% year-on-year to RUB18,408 million with margins falling to 36% from 39%. 4
Net profit was up 6% year-on-year to RUB 12,837 million. Net debt rose by 16% to RUB59,477 million (31 December 2015: RUB51,185 million). In dollar equivalent, net debt was up 32% to US$926 million from USS702 million.
Chairman Alexander Popov said: "Despite the complex global market environment and increasing level of competition, Acron Group has high production potential, and achieving it in the near future will help us keep financial performance at sustainable level, even considering the stagnant global prices.
"The main phase of investment cycle at our Russian facilities is over. The first stage of the Oleniy Ruchey mine has reached its full capacity, and the new ammonia unit has been put into operation. Thanks to these milestone events, we will see continuing production growth at the Group's Russian plants for several years to come.
"With the sale of Hongri Acron in Q3 2016, we will focus on the most performing assets by increasing their efficiency and competitiveness.
"Pursuing a long-term increase of the Group's shareholder value, we changed the partnership structure for our future Talitsky potash project by purchasing Eurasian Development Bank's stake. Besides, we did it with the minimum burden on the company's balance by selling our remaining interest in PJSC Uralkali."