Poland’s Ciech posts 34% fall in Q2 net profits

12 August 2008 14:59  [Source: ICIS news]

PRAGUE (ICIS news)--Poland's largest base chemicals maker Ciech on Tuesday said the strong Polish currency had hit its export performance as it posted a 34% fall year on year in second-quarter net profits to zlotys (Zl) 23.5m (€7.2/$10.8m).

 

The company also blamed rising debt servicing costs for the disappointing numbers.

 

Operating profits stayed almost flat at Zl68.5m, while net sales revenues came in at Zl1.02bn versus the Zl872.8m achieved in the second quarter of 2007, it said.

 

Ciech's target for this year was to increase revenues 25% to Zl4.3bn, using new profit streams generated by recent acquisitions such as that of German soda ash maker Sodawerk Stassfurt, the company said.

 

The Polish government recently brought forward the planned privatisation of Ciech by one year to 2009.

 

($1 = €0.67/$1 = Zl2.16)

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By: Will Conroy
+44 20 8652 3214

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