Romanian fertilizer producer Azomures doubles profits in 2011

Fertilizer producer Azomures Targu Mures ( listed on the Bucharest Stock Exchange as AZO ) reported a preliminary net profit of EUR 81 million (RON 346 million) in 2011, more than double the previous year, when the company had a net profit of EUR 36 million. Its turnover also increased by 35 percent last year, to EUR 382 million. The company posted a total income of EUR 445 million (RON 1.89 billion) in 2011, while its total expenses amounted to EUR 349 million (RON 1.48 billion), up 41 percent over the previous year. The fertilizer producer is managed by a Turkish group of investors, through Eurofert Investments and Azomures Holding, which together hold a 75.9 percent share in Azomures Targu Mures. Fondul Proprietatea owns 10.7 percent in the company. Irina Popescu, irina.popescu@romania-insider.com (photo source: the company)