Stirol Boosts 1Q08 EBITDA 91.1%, Sales 42.5%

According to a company release, Stirol (STIR: N/R) ended 1Q08 with 42.5% higher sales (USD 240.9 mln) yoy, while its EBITDA grew by 91.1% yoy to USD 30.0 mln. Net Income increased by 96.1% yoy, to USD 19.6 mln. In 1Q08 Stirol produced 371.6 ths mt of ammonia (+3.6% yoy), 204.1 ths mt of urea (+8.5%), 148.0 ths mt of ammonium nitrate (+13.1%), 55.7 ths mt of UAN mixture (50x increase), 11.1 ths mt of polystyrene (+36.2%), 283.8 mln units of pharmaceuticals (+42.0%) and 129.2 mln units of packaging products. The company also reported a 67.9% increase of in-house electricity generation to 41.8 mln kWh, and a gas usage decrease of 25.9 mln m3. Vladimir Nesterenko: According to company management, the reported figures represent non-audited consolidated financials which include the results of Stirol’s associates. The company’s IFRS audited reports, including the most recent ones for 1H07, account for associates on an equity basis. All the figures mentioned in our news, including growth rates, were taken from the company’s release; due to material differences in accounting policies, they cannot be directly compared with Stirol’s official financial reports as of 1Q07