Fertiliser manufacturer Petrokemija on Thursday reported a net profit of HRK 315 million in the first nine months of 2020, up from 124 million in the same period of 2019.

Net profit without one-off items totalled HRK 320 million, compared with HRK 178 million in the first three quarters of last year.

One-off items reflected a negative impact of the value adjustment of liabilities for CO2 emission allowances of HRK 4 million and the payment of HRK 1 million for severance packages in the reporting period.

CEO Davor Zmegac said that the Covid-19 pandemic did not have a negative impact on the demand for mineral fertilisers, adding that with the company’s ability to maintain continuous production, this resulted in the high volume of production and sales in the first nine months of the year.

Zmegac said that the company had also benefited from significantly lower prices of natural gas and the efficiency measures implemented in the previous period.

Total operating revenue was HRK 1.41 billion, down by 14% year on year, and sales revenue also fell by 14%, to HRK 1.4 billion.

(€1 = HRK 7.57)