Slow 2004 for Azomures

Fertiliser plant Azomures Targu Mures has posted a 43% lower net income for 2004 compared with 2003. The producer made a net income of 7.2 million euros (around 294bn ROL), preliminary results show. Profitability was down due to the increase in natural gas prices last year, which had a heavy impact on Azomures Targu Mures’ business. The company saw a slight decline in turnover from 163 million euros (6,120bn ROL) at the end of 2003 to 160 million ROL (6,511bn ROL) in 2004. On the other hand, total revenues for the company increased by around 8% to 185 million euros. The management of the plant had forecast gross profits of only 3 million dollars (2.4 million euros) at the end of last year, four times lower than for the previous year owing to the increase in the natural gas prices. The company’s gas bill increased by around 40 million dollars (32.2 million euros) in one year, company officials said. ZF