PhosAgro dollar-held debt results in quarterly net loss
Published: Thursday, 20 November 2014
Like other Russian competitors, PhosAgro has posted a net loss for Q3 2014, despite a significant increase in EBITDA. While the fall of the Russian rouble has seen unrealised rouble-reported debts increase, hence the net loss, contracts paid in US dollars have realised lower rouble production costs for commodity exporters.
Moscow-based phosphate miner PhosAgro OAO
has followed the trend of other Russian fertiliser producers in
reporting a quarterly net loss, despite a sharp rise in EBITDA*
following the depreciation of the Russian rouble (R) against
the US dollar.
Nine month net profit was reported at R6.27bn ($134.36m**),
obscuring a R1.83bn ($39.16m)...