Azoty's net profits much higher than expected

Polish chemical giant, Grupa Azoty has recorded nearly double net profits in the third quarter of the year, than the market consensus, the company reported. Azoty's net profits amounted to PLN 73.59 million, whereas market expectations stood at PLN 37.53 million. In the corresponding period last year, the results totaled just PLN 4.6 million. Consolidated sales revenue reached PLN 2.4 billion, compared with 2.268 billion in Q3 2014. Azoty pointed out that at the turn of August and September the demand for its products increased due to seasonal agricultural work. That is why the group recorded such high profits, despite the severe drought during the summer.