Azomures 1Q Net Profit Doubles To RON44.2M

05.11.2011 By Florentina Dragu

Romanian chemical fertilizer maker Azomures (AZO.RO) Wednesday said its net profit doubled to 44.2 million lei (EUR10.8 million) in the first quarter, from RON22.6 million in the year-earlier period.

Azomures said total revenue rose 58.7% on the year to RON412.2 million (EUR100.7 million) in January to March, while overall costs were up 54.2% to RON359.2 million (EUR87.9 million).

The company's turnover stood at RON408.3 million, up 43.6% from RON284.4 million in the first quarter of 2010.

Azomures is 75% owned by several Turkish investors, through US-registered companies Eurofert Investments and Azomures Holdings LLC.

On the Bucharest bourse Wednesday, Azomures closed down 2.13% at RON0.688 a share. (EUR1=RON4.0842)