Poland’s ZChP swings to Q2 net profit on better ferts, TiO2 prices

17 August 2011 17:11  [Source: ICIS news]

LONDON (ICIS)--Zaklady Chemiczne Police (ZChP) swung to a second-quarter net profit of zlotych (Zl) 48m ($16.7m, €11.6m) from a net loss of Zl 22m in the same period last year, the Polish company said on Wednesday.

ZChP said the increase in earnings was caused by an improvement in fertilizer and titanium dioxide (TiO2) prices.

Revenues in the second quarter rose 31.1% year on year to Zl 675m, ZChP added.

ZChP’s operating profit from its fertilizer segment for the first half of 2011 amounted to Zl 105m, against an operating loss of Zl 9.7m in the first half of last year.

The operating profit for its TiO2 segment for the first half of the year soared to Zl 36.2m from Zl 6.2m in the same period in 2010.

In related news, ZChP announced that it and fellow Poland-based energy utility PGE were considering building a 600 megawatt gas-fired heat and power plant for approximately Zl 1.5-2.0bn.

The plant would be built between 2013 and 2016 at ZChP’s site in Police, in the far northwest of Poland.

The facility would attempt to meet new demand caused by European Union pressure on Poland to vastly reduce the proportion of electricity that it draws from high-emission coal-fired power plants, which currently stands at around 90%, ZChP said.

ZChP, which makes nitrogen phosphorus potassium (NPK) fertilizers, is Poland's second-largest fertilizer producer.

($1 = Zl 2.88, €1 = Zl 4.15)

For more on fertilizers visit ICIS pricing fertilizers

By: Will Conroy
+44 20 8652 3214

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