Poland’s Ciech Q1 net profit up steeply on restructuring gains

23 April 2012 12:53  [Source: ICIS news]

LONDON (ICIS)--Soda ash producer Ciech made a net profit of zlotych (Zl) 10.72m ($3.38m, €2.56m) in the first quarter of 2012, a steep increase from Zl 4.0m reported in the same period a year before, as the benefits of restructuring began to show through, the Poland-based group said on Monday.

Sales revenues moved up to Zl 1.2bn from Zl 1.1bn in the first quarter of last year, it added.

"The accumulation of restructuring costs is behind us, it is time for results," said Ciech CEO Ryszard Kunicki.

"In the first quarter of 2012, there has been a significant improvement in all of the basic financial results," he added.

The better performance, however, did not mean the restructuring - which includes refinancing from the EU-backed European Bank for Reconstruction and Development (EBRD) - was finished, Kunicki said.

"Restructuring will consistently continue in the organic division. The aim is the long-term stable growth of Ciech," he added.

On 16 April, Ciech said it was conducting intensive talks with several investors interested in acquiring its loss-making subsidiary Zachem, which produces toluene di-isocyanate (TDI), epichlorohydrin (ECH) and epoxy resins.

($1 = Zl 3.17, €1 = Zl 4.18)

By: Will Conroy
+44 20 8652 3214

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