VILNIUS, July 2. /TASS/. Lifosa phosphate fertilizer plant, a subsidiary of the Russian fertilizer producer EuroChem in Kedainiai, Lithuania, expects to boost its incomes threefold in 2024, the plant said in the annual report sent to the state register center.

"Lifosa plans to increase incomes by a factor of three against 2023 to 357 mln euro as a result of production restart in June, after the year-long downtime," the company said.

The plant closed the year of 2023 with net losses of 52.77 mln euro.

Lifosa plans to produce 606,000 metric tons of granulate nitrogen and phosphate fertilizers, 19,000 metric tons of urea phosphates, and 63,000 metric tons of feed phosphates.

The plant was hit by sanctions introduced earlier against Andrey Melnichenko, ex-member of Eurochem Board of Directors.