Poland’s ZAP posts trebling of Q4 net profits

15 August 2008 13:16  [Source: ICIS news]

PRAGUE (ICIS news)--Polish producer Zaklady Azotowe Pulawy (ZAP) has posted a year-on-year trebling of net profits in its fiscal fourth quarter on soaring fertilizer sales, the company said on Friday.

 

The bottom line came in at zlotys (Zl) 75.5m (€22.8m/$33.9m), ZAP said, adding operating profits had more than doubled to Zl83.4m, while sales revenues were up 10% at Zl662.3m.

 

Nevertheless, Wood & Company analyst Barbara Zaleska said the performance was “solid not breathtaking”.

 

In terms of full-year performance, Zaleska said 12-month sales were up 15% year on year to Zl2.5bn, with net profits were up two and a half times to Zl334m.

 

“Sales growth was driven mostly by booming fertilizer prices, which increased on average by 27% year on year, increasing revenue from the fertilizer segment by 23%, with the fertilizer segment delivering 60% of revenue,” Zaleska said.

 

“Revenue from the chemical sector was 5% down year on year, mostly as a result of declining prices of caprolactam, which followed declining prices of benzene,” she added.

 

($1 = €0.67/$1 = Zl2.22)

 

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By: Will Conroy
+44 20 8652 3214

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