Polish chemicals and fertilizer group Grupa Azoty has cut its second-quarter net profit forecast to Pln70.1 million (approximately $19.0 million at current exchange rates), down from the previous estimate of Pln105.6 million earlier this month, according to a company market filing (GM Aug.7, p. 36). The second-quarter EBITDA estimate has also been cut, to Pln315.1 million versus the earlier Pln353.4 million, which will be a 5 percent decline on year-ago EBITDA.
The reduced estimate follows a change in the booking policy with respect to CO2 emission rights at Azoty subsidiary Puławy that also has led to a revision of Puławy’s preliminary results. Azoty said the change will have no impact on its full-year results.
The company will publish its final financial results for the second quarter and first half on Sept. 10.