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Acron posts 53% jump in FY'16 net profit

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Acron posts 53% jump in FY'16 net profit

Russian fertilizer PJSC Acron posted a 53% year over year jump in 2016 net profit to 25.53 billion Russian rubles, according to an April 3 release.

In August, the company sold its 50.5% interest in the Hongri Acron plant in China and said it will focus on the development of its Russian production assets. The unit's results were excluded from continuing operations and were presented as a separate line item in the 2016 and 2015 profit and loss statements.

Revenue for the company declined 3% on yearly basis to 89.36 billion rubles, while EBITDA fell 27% to 29.86 billion rubles.

The positive effect of an increase in sales and the weakening of the ruble exchange rate was completely offset by declining world prices for the company's products.

The cost of products sold increased 20% year over year to 45.31 billion rubles.

Acron's total commercial output for mineral fertilizers in 2016 jumped 19.8% year over year to about 5.3 million tonnes.

As of April 3, US$1 was equivalent to 56.36 Russian rubles.