10 May 2011 16:47 [Source: ICIS news]
LONDON (ICIS)--Zaklady Chemiczne Police (ZChP) swung to a first-quarter net profit of zlotych (Zl) 64.7m ($23.6m, €16.5m) against a net loss of Zl3m in the same period a year ago, boosting the company's hopes that its rescue plan is having the required effect, the Polish producer said on Tuesday.
"This is the second consecutive quarter in which the company has generated a profit after eight previous quarters of losses. Significant growth in most business areas has resulted from the consistent implementation of the restructuring program,“ the company said in a statement.
ZChP's operating profit was Zl73m compared with an operating loss of Zl8m in the first quarter of last year.
The Polish treasury ministry has advised ZChP that if its recovery plan has delivered good results by the third quarter of this year, there may be a relaunch of its privatisation.
The plan involves cutting the workforce of nearly 3,000 by 20%, or 600 employees, selling non-core subsidiaries, and the utilisation of a Zl150m loan from ?xml:namespace>
($1 = Zl 2.74, €1 = Zl 3.93)
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