Poland's ZAT boosts Q2 net to €4.6m on fert sales

15 August 2008 12:11 [Source: ICIS news]

PRAGUE (ICIS news)--Poland's Zaklady Azotowe Tarnow (ZAT) saw its second-quarter net profit leap to zloty (Zl) 15.2m (€4.6m/$6.9m) from Zl5.8m for the same period last year on strong nitrogen fertilizer sales, the company said on Friday.

ZAT, also a producer of caprolactam, polyamides, acetal copolymers and fluorine plastics, posted April-June sale revenues of Zl320.1m, up from Zl301.1m for the corresponding period in 2007.

The company was targeting a full-year net profit of Zl74m on Zl1.33bn of sale revenues but said it might revise this target upwards due to record grain prices that has prompted an increase in fertilizer demand.

State-held ZAT went ahead with an initial public offering (IPO) in June in what was the first move of the new Polish government's revived privatisation process.

The IPO was undersold but ZAT raised Zl 295m with a 10.2% stake going to Polish state-owned natural gas monopoly PGNiG and a 6.5% stake being picked up by largest Polish base chemicals producer Ciech.

($1 = Zl2.24/€1 = Zl3.32)

To discuss issues facing the chemical industry go to ICIS connect

By: Will Conroy
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly