Poland's ZAP fiscal Q3 net profit soars to €50.6m, sales up 50%

13 May 2011 11:53  [Source: ICIS news]

LONDON (ICIS)--Zaklady Azotowe Pulawy's (ZAP's) net profit in the third quarter of its 2010/2011 fiscal year jumped to zlotych (Zl) 197.8m ($71.9m, €50.6m), up from Zl38.6m in the same period last year, on the back of strong recoveries in the fertiliser and the organic chemicals segments, the Polish producer said on Friday.

Sales revenues climbed 50% year-on-year to Zl897.6m, added ZAP, Poland's largest fertiliser producer and a global player in melamine and caprolactam.

The net profit performance was two times higher than what was expected by a consensus of analysts, Prague-based investment bank Wood & Company said.

“Fertilizer prices in the third quarter of fiscal year 2010/11 continued on their ongoing upward trend of the past three quarters. The quarter saw price growth of several dozen percent, compared to the same period last year (from 25% to nearly 50% depending on the product and market),” ZAP said in a commentary on the results.

Sales revenues of fertilizers and organic chemicals grew 34% and 44% respectively year-on-year, ZAP added.

Looking ahead, Wood & Company warned it was likely the Polish natural gas monopoly would introduce a substantial gas tariff rise to take effect from 1 June.

($1 = Zl 2.75, €1 = Zl 3.91)

By: Will Conroy
+44 20 8652 3214

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