Poland’s Grupa Azoty swings to a Q3 operating loss of €2.0m

15 November 2013 16:32  [Source: ICIS news]

LONDON (ICIS)--Poland’s Grupa Azoty swung to an operating loss of zloty (Zl) 8.5m ($2.7m, €2.0m) in the third quarter from a Zl 20.7m operating profit in the same quarter last year, with poor performances from its melamine, oxo-alcohols and plasticizers segments, the company said on Friday.

Third-quarter sales revenues grew 31% year on year to Zl 2.2bn, Grupa Azoty, Europe’s second-largest fertilizer producer and Poland’s largest chemicals group, added.

Fertilizers, contributing Zl 51.4m in operating profit in the third quarter, against Zl 59.7m a year ago, were the group’s sole positive earnings driver, noted Prague-based investment bank WOOD & Company.

Grupa Azoty’s chemicals business reported a Zl 31.2m operating loss in the third quarter, against an operating loss of Zl 25.6m in the same period of 2012, the bank added.

Losses experienced by the group’s plastics division, comprising of its caprolactam (capro) and polyamide 6 (nylon 6) units, added to the weak third-quarter performance, but the titanium dioxide (TiO2) business had seen better margins, it said.

Grupa Azoty has since January this year included Poland’s largest nitrogen fertilizer producer, Zaklady Azotowe Pulawy (ZAP).

($1 = €0.74, $1 = Zl 3.11, €1 = Zl 4.19)

By: Will Conroy
+44 20 8652 3214

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