Amonil in the red

Chemical fertilisers maker Amonil Slobozia has reported first-quarter losses of 28.4bn ROL (767,000 euros) after having made profits of 10.8bn ROL (265,000 euros) in the corresponding period last year. However, the company”s turnover for the first three months of the year rose by 25% on last year to 19.4 million euros (721bn ROL), while total operating revenues rose from 17 to 19 million euros. The losses were caused by the increase in methane gas and electricity prices, which account for most of the production costs for chemical fertilisers. Operating expenses increased to 19.9 million euros, 20% more than in the first quarter of 2004. “The main causes of the increase in production expenses were the increase in natural gas and electricity prices that began on January 1 and the consolidation of the ROL against the euro and the dollar given that 85% of our output is exported,” said Victor Dobrescu, Amonil”s chief executive. ZF