Kemira hit by Russias farm woes
16 February 1999
Kemira hit by Russia’s farm woes
KEMIRA, the Finnish chemicals and fertiliser group, reported a sharp fall in full year pre-tax profits to FM579m (£68m) from FM864m.
It blamed problems in Russias agricultural sector, which hit fertiliser exports.
The company said sales in the 12 months to 31 December were steady at FM14.35bn against FM14.39bn a year earlier.
But the agricultural division had faced difficult competition with downward pressure on prices in fertilisers, caused mostly by increased supply and Chinas absence as a buyer of nitrogen products.
The agricultural division reported an operating loss in the last four months of the year of FM115m.
- Kemira warns on Russian fertilisers, FWi, 08 October, 1997
- Financial Times 16/02/99 page 24 (News Digest)
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