Fosfertil to keep pace of investment
Valor Econômico 03/18/2009
Despite accusing the reflexes of the change of course to worse in the Brazilian market of fertilizers in the fourth quarter of 2008, Fosfertil remained positive in the period and ended the year consolidated net profit of R$ 772.7 million (US$ 422.2 million), 74% above the result registered in 2007. All over last year, pushed up by increases in the sales volume and in the prices in the first three quarters, which followed the evolution seen in the international market, the consolidated net profit of the company went to R$ 3.43 billion (US$ 1.9 billion), an increase of 41.6% compared to 2007. With good perspectives in relation to the performance of the Brazilian agribusiness in 2009, already based on the better performance of sales in the first two months - the trend is that the stocks end the first quarter at a level 38% smaller than in December - Fosfertil assures that it will keep its pace of investments. "Since there is credit, agriculture can have better profitability. Thus, our investments and projects in studies keep up in good rhythm", said Lopes. The main plan underway is the Salire Project, in Patrocínio (MG). With an investment of R$ 2 billion (US$ 870 million), the project foresees the opening of a phosphate mining complex and the building of a chemical complex beside it. Also in the city of Uberaba, in Minas Gerais, there is a project of increase of the production underway budgeted in R$ 462 million (US$ 201 million), which should be concluded in 2010. Other improvements in the industrial complexes of Baixada Santista (SP) and Araucária (PR) will also be maintained.