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Acron boosts Q1 profit YOY to 4.15B rubles on steady sales

Russian fertilizer producer PJSC Acron booked a year-over-year increase in net profit to 4.15 Russian billion rubles for the first quarter from 1.57 billion rubles.

The company said May 30 that revenue remained flat year over year at 24.05 billion, while EBITDA climbed 7% to 7.96 billion rubles.

Net debt at the end of the reporting period came in at 62.74 billion rubles, increasing 4% on a quarterly basis.

Acron said that during the first quarter, the average U.S. dollar-to-ruble exchange rate was down 3%, while sales of key products increased 1% year over year.

Prices of mineral fertilizers diverged, with nitrogen-based fertilizer prices falling and prices for complex fertilizers on the rise.

Chairman Alexander Popov said Acron has budgeted approximately US$200 million in CapEx for 2018.

"In Q2 2018, we started construction of vertical shafts at the Talitsky site using the group's equity, and slightly adjusted the deadlines for several investment projects at Acron (Veliky Novgorod) and Dorogobuzh," he said in the release.

As of May 29, US$1 was equivalent to 62.57 Russian rubles.