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Azomures holds production trimmed at 50% by end of July, on harsh economic background

The largest fertilizer maker in Romania, Azomures, will keep 430 of its 2,610 employees in technical unemployment until the end of July and output will be left at 50 percent capacity on a reduced demand for fertilizers, the company announced.

Azomures says the situation on the market has not shown a favorable shift and there are no reasons for the production to be resumed at full capacity. Output will remain at 50 percent until July 31, with the possibility of further extension depending on the economic background.

The company locked gates for about two months starting December last year, affected by the global credit crunch which burdened the economy and reduced orders. Production was cut.

The management decided to restart activity gradually between January 28 and February 2, tugged by the favorable anti-crisis measures announced by the government and by the orders it received for fertilizers.

Azomures restrained its activity at the beginning of April by closing down two units as a result of the dramatic plunge in demand and in the price of fertilizers on both the domestic and international markets.

The producer obtained a net profit of 2 million lei in the first three months of the year, a 27-fold slump on the similar period of 2008, following a 36 percent drop in business.

The company has a share capital of 52.6 million lei, divided into 526 million shares, at a face value of 0.10 lei. It is majority owned by Transworld Fertilizers Holding Luxembourg.

Shares of Azomures are traded on the first tier of the Bucharest Stock Exchange (BSE) under the symbol AZO. The producer has a capitalization of 117.31 million lei, corresponding to a trading value of 0.2230 lei established today.

 

Sursa: http://www.newsin.ro

Tags: production azomures

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