PhosAgro dollar-held debt results in quarterly net loss

By James Sean Dickson
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)...

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