Croatia's fertilizer maker Petrokemija returns to profits in 2011

16 February 2012 15:29  [Source: ICIS news]

LONDON (ICIS)--Croatian mineral fertilizer producer Petrokemija made a net profit of kuna (HRK) 107.8m ($18.6m, €14.2m) in 2011 following two years of losses, the company said on Thursday.

The renewed profitability follows net losses of HRK136.1m and HRK267.6m reported in 2010 and 2009, respectively.

The profit was achieved because of better attuning of production to sales opportunities and a recovery in the fertilizer market, the company said.

Petrokemija's revenues in 2011 increased 29.6% year on year to HRK2.97bn, it added.

However, lower selling-on prices for its fertilizers and high gas and other feedstock costs experienced in the fourth quarter of last year suggested that there should be caution in predicting profitability for the company in 2012, Petrokemija added.

Last week, Petrokemija reported that it had restarted production lines following a January overhaul.

Petrokemija has an overall solid and liquid fertilizer capacity of 1.5m tonnes/year and is based in Kutina, central Croatia. It has 2,300 employees.

($1 = HRK5.80, €1 = HRK7.59)

By: Will Conroy
+44 20 8652 3214

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