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The Moscow Times Moscow Guide – Winter 2008

Since the middle of autumn one of the most important topics of discussion, could only be … no, not the financial crisis… New Year! The winter issue of The Moscow Times Moscow Guide is entirely devoted to New Years celebrations. Seven great ideas for celebrating the “Night of Nights” will help readers finalise their plans and choose how and where to party, give fresh ideas and lots of practical advice.

And don’t forget – problems will come by themselves, but happiness and luck need an invitation. That why the more cheerful and light-hearted your celebration of the coming holiday is, the happier and more successful 2009 will be for you.

The Crisis: Signs of a Kremlin Fearful Of Unrest
Sociologist Yevgeny Gontmakher has painted a disturbing picture of what might emerge from the financial crisis, forecasting continued unemployment, huge protests and spreading violence.

Market Matters: Huge Grain Harvest No Boon for Farmers
This year Russia is enjoying the biggest grain harvest it has ever seen -- and farmers couldn't be more worried.



Tuesday, January 06, 2009 Updated at 31 December 2008 22:36 Moscow Time.

The Moscow Times » Issue 4035 » Business

Acron Earnings Fall on Crisis, Seasonal Drop

20 November 2008Fertilizer producer Acron posted lower-than-expected gains in nine-month earnings and sales Wednesday as the financial crisis and seasonal weakness hit demand.

"The results turned out to be somewhat below market expectations, as late in the third quarter Acron's performance was affected by a seasonal drop in demand, which sank even deeper due to the global financial crisis," chairman Alexander Popov said in a statement.

Last month, Acron said it would cut output by up to 50 percent in November at its plants in Russia and China as cash-strapped agricultural producers scale back orders and prices for its products fall.

Despite the recent downturn, Acron posted strong January-September earnings growth after prices soared in the first half of the year.

Nine-month net profit more than tripled to 10.55 billion rubles ($384.2 million) from 3.21 billion in the same period of 2007, while revenue rose 67 percent to 36.30 billion rubles.

Earnings before interest, taxation, depreciation and amortization in the period rose 221 percent to 16.40 billion rubles. The EBITDA margin jumped to 45 percent from 24 percent in the same period last year.

Earnings per ordinary share surged 233 percent to stand at 222.58 rubles.

Acron also said it expected more stable sales at the start of 2009.