Poland's ZAP sees doubling of Q3 net profits

29 April 2008 13:13  [Source: ICIS news]

PRAGUE (ICIS news)--Poland’s Zaklady Azotowe Pulawy (ZAP) has more than doubled its third-quarter net profits year on year to zlotych (Zl) 255.3m (€74m/$116m) from Zl105.5m on soaring fertilizer prices, the fertilizer firm said on Tuesday.

Revenues for the quarter ended 31 March 2008 were up 15% to Zl1.8bn, it added.

The company, Poland’s largest maker of nitrogen fertilizers, also raised its net profit forecast for the full year ending on 30 June by 33% to Zl 298.7m and forecast that its full-year revenues would come in at Zl2.5bn.

A ZAP spokesman said fertilizer demand was continuously growing around the world because surging wheat, rice and other food commodity prices have led to farmers to expand their crop commitments.

($1 = €0.64/$1 = Zl2.19)

By: Will Conroy
+44 20 8652 3214

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