EnglishTargu Mures-based fertiliser producer Azomures (BSE: AZO) posted losses of 6.13 million RON in the first half of 2007, as compared with a net profit of 1.48 million RON.
Revenues totalled 400.82 million RON, recording a 26.94% increase from H1 2006, whereas expenses rose by 29.58% to 406.96 million RON. The increase in expenses is mainly due to a rise in raw material prices, especially methane gas.
Azomures posted a turnover of 382.32 million RON in the first six months, recording a 41.35% increase from the same period last year. Investments doubled, reaching 788.148 RON and were mainly focused on production and environment care.
The value of sales to foreign markets rose by 14.94%, while sales on the domestic market advanced by 7.72% in the first half of the year. Azomures reduced its total debt by 18.81% to 170.21 million RON.
The company is listed on Tier 1 of the Bucharest Stock Exchange as AZO and has a share capital of 52,603,263.30 RON. The majority shareholder is Transworld Fertilizers Holding Luxemburg (55.97%), followed by Azomures Holdings LLC (19.05%) and Proprietatea Fund (7.97%).
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