Croatia's Petrokemija attributes Q1 loss to cold snap

30 April 2012 17:44  [Source: ICIS news]

LONDON (ICIS)--Croatia’s Petrokemija fell to a net loss of kuna (HRK) 2.18m ($0.39m) in the first quarter of 2012 compared with a net profit of HRK39.5m a year ago, with sales hit by delayed shipments after the severe cold snap that hit Europe in February, the fertilizer producer said on Monday.

Production during the first quarter was 6.7% lower than planned because of a January overhaul and  lower sales caused by the shipping difficulties, added Petrokemija, without publishing a sales revenue figure for the period.

The Croatian state has been gauging interest for a possible sale of its controlling 50.63% stake in the mineral fertilizer producer, which returned to profit in 2011 following annual net losses in 2010 and 2009.

The move has, however, encountered stiff opposition from unions at the company.

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.

The company exports to Italy, Slovenia, Germany, Spain, China and the US.

($1 = HRK5.65)

By: Will Conroy
+44 20 8652 3214

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