Poland's Synthos sees operating loss on restucture

04 March 2008 17:08  [Source: ICIS news]

PRAGUE (ICIS news)--Poland’s Synthos posted an operating loss of zloty (ZL) 22.9m (€6.5m/$9.9m) on Tuesday for the fourth quarter of 2007, citing ongoing restructuring costs.

 

Synthos, created last year from the merger of Polish synthetic rubber and styrene plastic enterprise Dwory with Czech peer Kaucuk, posted a ZL41.5m operating profit in the final quarter of the previous year.

 

Net profit for 2007 fell 10% to ZL33.2m, while net revenues nearly doubled to ZL555.9m, a Synthos spokesman added.

 

Looking at the whole of 2007, operating profit fell to ZL56.3m from ZL91.7m in 2006 while net revenues grew to ZL1.8bn compared to ZL1.2bn in the previous year.

 

In its daily bulletin, Warsaw-based equities house BDM PKO said the market would not assess the quarterly performance favourably and would react negatively.

 

($1 = ZL2.31/€0.66)

By: Will Conroy
+44 20 8652 3214

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