09 May 2012 15:39 [Source: ICIS news]
LONDON (ICIS)--Net profit at Poland’s Zaklady Azoty Tarnow (ZAT) climbed to zlotych (Zl) 179.6m ($55.6m, €42.6m) in the first quarter of this year from Zl92.8m a year ago, largely because of a strong performance by its fertilizer business, the group said on Wednesday.
First-quarter sales revenues hit Zl1.9bn, after totalling only Zl1.0 billion in the first quarter of last year, while operating profit swung to Zl241m from Zl115m, ZAT, Poland’s largest chemical group by revenue, added.
First-quarter operating profit for its fertilizer division approximately doubled to Zl127m from Zl53.6m in the same quarter of 2011 as the company benefitted from agricultural markets at home and abroad that were resilient amid the global economic difficulties, the group said.
However, with the renewed economic downturn in Europe hurting the construction and carmaking industries, ZAT’s oxo-alcohols business, run by subsidiary Zaklady Azotowe Kedzierzyn (ZAK), saw its operating profit drop to Zl20.4m from Zl40.3m a year previously, it added.
($1 = €0.77, $1 = Zl3.23, €1 = Zl4.21)
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