OREANDA-NEWS. April 23, 2010. The 1Q production results posted make up 26% of estimated full-year production by the company and therefore, are in line with our full-year production forecast. However, the main intrigue in Ammophos shares is now seen in the IPO plans announced by PhosAgro management, which put the posted results on the backburner.

Ammophos has released its manufacturing data for 1Q2010. The company has turned out 677,700 tons of mineral fertilizers (in physical weight) over the quarter, a 14% gain over the year-earlier period. Unfortunately, the company has not disclosed data on production volumes in terms of nutrients; nor has it released productive output on types of mineral fertilizer.

However, the main intrigue in Ammophos shares is now seen in PhosAgro management’s plans for the asset swap and an IPO by the group. In our view, Ammophos shares represent the cheapest way to enter into the capital of united company PhosAgro and investors seeking to buy into PhosAgro in the run-up to its IPO are advised to have these shares in their investment portfolios.