EuroChem doubled investments in development and modernization of production for the first half-year 2008

[ 16.09.08 16:35 ]

EuroChem Mineral and Chemical Company, OJSC has published the consolidated results on its activity for 1H2008 in line with international financial reporting standards (IFRS).

EuroChem augments investments in development and modernization of production. In the first half-year 2008 the volume of such investments has grown in 2 times in comparison with the similar period in 2007 and amounted to RUR 6 106 mln.

The proceeds of the company have amounted to RUR 55 836 mln. and increased on 72 percent against the relevant period over the last year.

Besides in the first half-year 2008 net profit of EuroChem Mineral and Chemical Company, OJSC has grown in 2,5 times against the similar rate for 1H2007 and accounted to RUR 18 009 mln.

In the first half-year 2008 EuroChem Mineral and Chemical Company, OJSC has got the license for extraction of potassium-magnesian salts on Palashersky and Belahontsevsky sites of Verhnekamsky deposit of potassium-magnesian salts in the Perm edge in RUR 4 087 mln. cost. With purchase of this deposit EuroChem has confirmed the strategic line of potash direction development in business of mineral fertilizers manufacturing.

Consolidated financial statements for 1H2008 are shown at the Company’s website on the following link: http://www.eurochem.ru/eng/files/2008090901en.pdf