The net profit of Russian chemicals company TogliattiAzot dropped by about 94%, to 1.283 billion rubles in 2016, as calculated under Russian Accounting Standards (RAS), the company said in a statement.
Revenue declined by 30%, to 44.35 billion rubles. Sales profit went down by 73%, to 7.34 billion rubles and pretax profit fell by about 91.7%, to 2.39 billion rubles.
“The revenue fall of TogliattiAzot is in line with a 2016 trend: lower prices for the company’s key products of the company – ammonia and carbamide – on the global market, which resulted in a reduction of the average sale price. Revenue fell in the period despite a flat sales volume of 3.2 million tons in 2016,” the company said in the statement.
Investment in production amounted to 6.2 billion rubles in 2016. (Prime/Business World Magazine)
