Posts By Date - Green Markets

PhosAgro Q2 Net Income Falls 89 Percent

August 24, 2017Breaking Industry NewsSteve Seay

PhosAgro reported an 89 percent drop in second-quarter net income to RUB1.47 billion on revenue of RUB44.72 billion ($783 million), down from the year-ago RUB13.48 billion and RUB45.98 billion, respectively. Adjusted for non-cash foreign exchange items, net income was off 33 percent at RUB6.08 billion ($106 million), against the year earlier’s RUB9.07 billion. Revenue fell 3 percent.

The company said a 15 percent growth in total sales of fertilizers and monocalcium phosphate (MCP) was offset by a stronger rouble and a 16 percent year-on-year decrease in the average realized price for phosphate rock in USD terms. On the positive side, it noted revenue was supported by 3 and 5 percent year-on-year increases in the average per mt price (USD denominated) of phosphate and nitrogen fertilizers, respectively.

“During the quarter, we saw additional pressure on phosphate prices from higher exports of phosphates from China and the MENA region, in particular as a result of the commissioning of a new unit in Morocco in March, which coincided with a delay to the start of the high season in India, ” said PhosAgro’s CEO Andrey Guryev.

Fire Out at Catoosa Fertilizer Facility

The Tulsa Fire Department was called to a 1:30 a.m. report of a fire at the Agri-Nutrients Inc. fertilizer facility Aug. 24. The fire was under control by 4:30 a.m., but firefighters remained onsite to contain hot spots. The hazmat team assessed which chemicals were at the facility and worked to make sure they did not get into the waterway.

No injuries were reported and no employees were around when the fire started. However, the fire did melt a large hole into the facility’s metal and vinyl roof.

Agri-Nutrients is a blender that supplies wholesale fertilizer to the specialty and lawn and garden markets.