Chemical fertilisers producer Amonil Slobozia saw its profits fall by nearly 70% in 2004. At the end of the year it posted gross profits of only 0.24 million euros (9.6bn ROL), compared with 0.77 million euros (29bn ROL) in 2003. Despite this the company managed to achieve a 15% growth in turnover from 56 million euros (2,100bn ROL) in 2003 to 64.5 million euros (2,615bn ROL) at the end of 2004. The decline in the plants' profits can be put down to increased spending on raw materials caused by the price increases for natural gas and electricity. The situation was made worse still by the drop in prices for chemical fertilisers at the end of last year. The depreciation of the dollar also took its toll on profits, with 90% of Amonil's revenues coming from exports. The company has announced it is to cease all production operations as of April 1 and lay off 90% of its employees. ZF
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