22 August 2011 14:30 [Source: ICIS news]
LONDON (ICIS)--Zaklady Azoty Tarnow (ZAT) boosted its first-half net profit to zlotych (Zl) 130.6m ($44.9m, €31.2m), compared with Zl 29.6m in the same period in 2010, on improved fertilizer markets, the Polish group said on Monday.
Group revenues amounted to Zl 1.97bn, up from Zl 748.6m in the first half of last year, ZAT added.
The company did not issue specific figures for the second quarter of this year, but its first-quarter net profit for 2011 was Zl 68.3m on revenues of Zl 1.01bn. Net profit in the second quarter a year ago was Zl 15.6m.
Separately, ZAT said it had spent Zl 569.3m on acquiring 66% of Poland’s second-largest fertilizer producer and titanium dioxide maker, Zaklady Chemiczne Police (ZChP), in a move that creates Poland's largest chemical group, with combined revenues of around Zl 5bn.
Poland's treasury ministry supported ZAT's acquisition of fellow state-held producer ZChP, reasoning that a consolidation of the country's chemical assets is required in advance of the relaunch of the chemical industry privatisation process, scheduled for later this year.
($1 = Zl 2.91, €1 = Zl 4.19)
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