• Eng

Russia's Uralkali 2015 core earnings up 7 pct, weaker rouble helps

Polina Devitt / Reuters (UK)

Russias Uralkali, the worlds largest potash producer, said its core earnings rose 7 percent in 2015 due to a declining rouble which lowered its costs and partially offset a weak market.

Uralkali has been hit by weaker demand and lower prices for potash, a crop nutrient, and by declining production capacity.

But a weaker rouble against the dollar lowered Uralkalis costs in dollar terms, Chief Executive Dmitry Osipov said in a statement on Monday.

Uralkali said earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 7 percent year-on-year to $1.9 billion. Revenue fell 12 percent to $3.1 billion.

Its 2015 net profit was $184 million, compared with a net loss of $631 million a year earlier, the company said.

Uralkali expects global potash demand to fall in 2016 to 58 million to 60 million tonnes from 61 million tonnes in 2015.

Uralkalis shares were up 0.5 percent in Moscow, underperforming a 1.4 percent rise in the broad Micex index.

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