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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 19:33

Nitrofert earns EUR 6 mln FY profit, revenue dropped in 2016

BC, Tallinn, 24.11.2017.Print version
The Ukrainian-equity fertilizers producer AS Nitrofert based in Kohtla-Jarve, northeastern Estonia finished the year 2016 with a profit of approximately six million euros thanks to income from the sale of carbon emission credits and interests on lendings, writes LETA/BNS.

Sales revenue meanwhile dropped by 74% year over year to 130,000 euros.

 

Interest income totaled 8.2 million euros, 11% less than in 2015, while income from the sale of carbon dioxide emission credits decreased by 67% to 1.3 million euros, it appears from the annual report.

 

The company halted production operations in August 2013 citing impacts from unfavorable economic environment and low prices for its products.

 

In 2016, global market prices for the company's output declined by 8% on average.

 

AS Nitrofert said it will resume business in the production of urea and ammonia as soon as it becomes economically feasible.


The company employed a workforce of 61, reduced to full-time employees, in 2016, who are preserving the plant in a condition enabling its relaunch. That is compared with 322 workers employed in 2015.

 

Nitrofert is a company of the Ostchem Holding Group, which brings together the interests of Group DF linked to Ukrainian businessman Dmitri Firtash.






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