Poland's Ciech posts first-quarter net profit of €1m on record sales

13 May 2011 14:20  [Source: ICIS news]

LONDON (ICIS)--Ciech made a net profit of zlotych (Zl) 4.0m ($1.5m, €1.0m) on record sales revenues of Zl 1.1bn in the first quarter of 2011, the Polish chemical group said on Friday.

The figures compared with a net loss of Zl 3.1m and sales revenues of Zl 962m in the same period of 2010, Europe's second-largest soda ash producer added.

Ciech said there had been a significant year-on-year improvement in its soda ash business, with the division's earnings before interest, tax, depreciation and amortisation (EBITDA) improving 15.15% year on year to Zl 66m. Group EBITDA was Zl 97m.

"The beginning of the year has been full of very important events for our group. We have achieved success in two key processes: the [secondary public offering] of shares and the arrangement of a new, much more favourable credit agreement. At the same time we have consistently achieved restructuring of the group and maintained financial discipline, achieving a good financial performance,“ Ciech CEO Ryszard Kunicki said in a commentary on the financial results.

($1 = Zl 2.75 , €1 = Zl 3.91)

By: Will Conroy
+44 20 8652 3214

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