News Code : 44364

Agriculture's vital role in food production ensured that Covid-19 did not impact fertilizer demand in January-March, and the pandemic caused only minor logistical disruption, Croatian fertilizer producer Petrokemija said.

Petrokemija output edged down to 312,000t in the first quarter from 314,000t a year earlier. Sales volumes fell by 3pc to 321,000t, as a 4pc rise in exports to around 190,000t failed to offset a 12pc fall in domestic business.

Sales revenues declined by 13pc to 562mn kuna (€74mn) because of slightly lower fertilizer prices, but profit rose more than sevenfold — to HRK147mn from HRK20mn.

Petrokemija said its first-quarter results were aided by lower gas and emissions costs.

Feedstock, consumables and other material expenses dropped by 37pc to HRK290mn, mainly as a result of lower gas, MAP and DAP prices, the firm said. Its inventories also fell as sales exceeded production in January-March.

In its latest update on Covid-19, published on 30 April, Petrokemija said all its production facilities were in stable operation and sales were in line with plans for last month.

The company plans to carry out a major overhaul at its production units this year. It said last month that such maintenance is normally carried out in summer, but that the timing and scope of this year's turnarounds will depend on demand, as well as on any travel restrictions that might affect personnel from foreign companies scheduled to work with Petrokemija.

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