PhosAgro, Moscow, reported a 25 percent increase in third-quarter net income to RUB9.76 billion on revenues of RUB64.55 billion ($1.0 billion), up from the year-ago RUB7.8 billion and RUB62.68 billion, respectively. However, net income adjusted for non-cash foreign exchange items fell by 8 percent to RUB11.8 billion ($183 million), versus the prior-year’s RUB12.86 billion.
Third-quarter EBITDA was 9 percent off at RUB21.3 billion ($330 million), down from RUB23.39 billion a year-ago, due to a correction in global fertilizer prices, the group said in its report.
Revenues were 3 percent up, driven mainly by higher sales to Europe, Latin America and Asia.