Fiscal Q3 net profit at Poland's ZAP falls to Zl 163.2m

09 May 2013 15:57  [Source: ICIS news]

LONDON (ICIS)--Net profit at Zaklady Azotowe Pulawy (ZAP) fell to zlotych (Zl) 163.2m ($52.0m, €39.5m) in the third quarter of its 2012-13 fiscal year from Zl 244.7m a year before, the Polish company said on Thursday.

Sales revenue was flat year on year at Zl 1.1bn, although there was a notable improvement in fertilizer sales revenue, with international prices of ammonium nitrate (AN) and urea ammonium nitrate (UAN) rising, ZAP added.

Operating profit for the fiscal third quarter fell to Zl 190.1m from Zl 292m in the same quarter of the 2011-12 fiscal year, with the chemical division's operating profit falling to Zl 1.7m from Zl 40m, the company said.

Also year on year, ZAP saw melamine production increase by 16.6%, hydrogen peroxide production by 9.8% and the manufacture of AdBlue by 6.2%.

Caprolactam (capro) production rose by 2.3%, although capro sales revenue was down 10%, with capro prices rising in Asia and Europe but fluctuating in the US, ZAP said.

Since January, ZAP has been part of the largest Polish chemical group and second largest European fertilizer producer, Grupa Azoty.

On May 6, ZAP CEO Pawel Jarczewski succeeded Jerzy Marciniak as CEO of Grupa Azoty.

($1 = €0.76, $1 = Zl 3.14, €1 = Zl 4.13)

By: Will Conroy
+44 20 8652 3214

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