17 November 2009 15:12 [Source: ICIS news]
PRAGUE (ICIS news)--Zaklady Azotowe Pulawy (ZAP), Poland’s largest fertilizer producer, recorded a net loss of zloty (Zl) 31m ($11.4m, €7.6m) in the first quarter of its 2009-2010 fiscal year, as fertilizer sales collapsed amid the economic downturn, the company said on Tuesday.
The first-quarter loss compared with a net profit of Zl150.1m in the same quarter a year ago, ZAP said.
Overall, ZAP’s sales for the quarter declined 43% year on year to Zl383.4m, it said.
Earnings before interest, tax, depreciation and amortisation (EBITDA) came in as a loss of Zl46.8m, compared with a profit of Zl168.2m in the same quarter last year, the company said.
Breaking down the sales performance, ZAP said fertilizer revenues shrank by nearly 60% to Zl196.5m, with production volumes 40% lower and prices down on average by 30%.
Sales of chemicals contracted by nearly 10% to Zl151.6m due to lower prices and flat volumes, ZAP said.
The bank said that the market consensus had been that ZAP would manage a small net profit, adding that “the results look particularly unappealing when compared with the first quarter of the 2008-2009 fiscal year, because this was ZAP’s best quarter ever”.
($1 = Zl2.73/€1 = Zl4.08)
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