14 November 2012 14:11 [Source: ICIS news]
LONDON (ICIS)--Zaklady Azotowe Pulawy (ZAP) saw a net profit of zlotych (Zl) 35m ($10.6m, €8.4m) in the first quarter of its 2012/13 fiscal year, from July to September 2012, compared with Zl 99.5m in the same period the year before, with its chemicals segment suffering pressure on margins, the Polish company said on Wednesday.
Sales revenues rose to Zl 878m from Zl 821m, while operating profit fell to Zl 37m from Zl 112.3m, it added.
During the quarter, the company’s chemical division suffered a 50% year-on-year decline in caprolactam (capro) commodity margins over benzene costs, ZAP said.
“The key reason for the earnings miss was the chemicals segment,” Prague-based investment bank WOOD & Company, which had forecast that net profit would be 8% higher, said in an analysis of ZAP’s result.
Year on year, ZAP’s capro output declined 6.2%, but nitrogen fertilizer output increased 32%, multi-component fertilizer production rose 16.8%, melamine output grew 7.4% and AdBlue production by 8.6%, it said.
($1 = Zl 3.29, €1 = Zl 4.18)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections