Grupa Azoty with PLN 132 mln H1 profit. Affected by Q2 loss

WSE-listed, state-run chemical giant Grupa Azoty had PLN 132.1 million H1 net profit, down by 65 percent, which would imply a PLN 56 million Q2 loss, the company said in its preliminary financial results. “The lower level of earnings was a compilation of three major factors: a significant rise in commodity prices, a decline in market prices, and unfavorable weather conditions leading to lower sales volumes,” the company explained. Revenues amounted to PLN 4.87 billion, a 0.2 percent y/y growth, while EBITDA fell by 25.9 percent to PLN 528.9 million.