27 March 2013 17:57 [Source: ICIS news]
LONDON (ICIS)--Polish nitrogen fertilizer and oxo-alcohols producer Zaklady Azotowe Kedzierzyn (ZAK) saw its net profits fall to Polish zloty 116m (Zl) m ($35.7m, €27. 8m) in 2012, from Zl 192m in 201, the company said on Wednesday.
The rising cost of key feedstocks took a toll on profit levels during the year, ZAK added.
Sales revenues in 2012 edged down to Zl 2.17bn from Zl 2.19bn in the previous year.
Despite Europe's economic downturn, demand for the company's fertilizer and oxo-alcohol products remained stable, which should translate into a strong result for 2013, ZAK added.
ZAK is owned by Poland's largest chemical group, Zaklady Azoty Tarnow (ZAT), which has switched to the name Grupa Azoty for marketing purposes.
($1 = €0.78, $1 = Zl 3.25, €1 = Zl 4.18)
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