OREANDA-NEWS. May 25, 2011. EuroChem today reported a consolidated IFRS net profit for the three months ended 31 March 2011 of RUB 11.3bn, representing an increase of 154% compared to the first three months of 2010. Revenues for the group increased 44% to RUB 31.2bn, up from RUB 21.6bn in the first quarter of 2010. EBITDA for the first three months of 2011 came in at RUB 11.6bn, more than double the RUB 5.3bn of Q1 2010, mostly on the back of strong pricing across core product segments. EBITDA margin for the period expanded to 37%, compared to 24% in the first three months of 2010.

Fertilizer sales volumes for the first quarter of 2011 were up by 3% year-on-year, and by 5% compared to the previous quarter, as combined Nitrogen and Phosphate sales volumes reached 2,179 thousand tonnes (KT) (excl. iron ore and baddeleyite). During the same period, iron ore and baddeleyite volumes out of Kovdorskiy GOK slightly decreased by 5% to 1,317 KT, compared with 1,387 KT in Q1 2010.

CEO Dmitry Strezhnev commented: “Last year’s results confirmed our commitment to the business and 2011 looks poised to further validate our investment strategy. Prices for our products remained strong, as farmers across the world are encouraged by strong price dynamics for key agricultural commodities and act to increase acreage and yields. Last year’s positive momentum continued in the first quarter and we expect fertilizer consumption to stay strong going into 2012. We crossed another marker on our road to producing all three primary nutrients when we passed the first aquifer during shaft sinking at our Gremyachinskoe potash deposit. We remain on track to complete sinking within the next 18 months.”