09 May 2012 17:31 [Source: ICIS news]
LONDON (ICIS)--Poland’s Zaklady Chemiczne Police (ZChP) saw its net profit dip to zlotych (Zl) 49.5m ($15.3m, €11.8m) in the first quarter of 2012 from Zl 67.4m a year ago, with cold-weather gas restrictions having hit its ammonia production, the company said on Wednesday.
Sales revenues rose to Zl 726.3m from Zl 614.5m in the first quarter of 2011, while operating profit fell to Zl 61.8m from Zl 76.1m it added.
Gas restrictions introduced on industry in February by Polish gas monopoly PGNiG in order to safeguard heating gas supplies for households during prolonged freezing weather caused ZChP to cut its ammonia production by 35%, the company said.
The reduced production, which lasted 33 days, cost the company Zl 9m, it added.
Despite the reduced profit, the company’s latest quarterly results showed that ZChP was a stable business, having recovered from difficulties that at one point during the economic crisis threatened it with insolvency, it added.
Since last year, it has been a subsidiary of Zaklady Azoty Tarnow (ZAT), the largest Polish chemical group by revenue, which reported its first-quarter results earlier on Wednesday.
($1 = €0.77)
($1 = Zl 3.23, €1 = Zl 4.21)
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