Poland's Ciech swings to Zl 355m Q2 net loss on assets writedown

31 August 2012 15:55  [Source: ICIS news]

LONDON (ICIS)--Poland's Ciech suffered a second-quarter net loss of zlotych (Zl) 355.2m ($106.0m, €84.8m), compared with a net profit of Zl 12.5m in the same period a year ago, after taking a Zl 345.5m hit from an assets writedown, the soda ash company said on Friday.

Net revenue from sales stood at Zl 1.12bn, against the Zl 1.02bn in the second quarter of last year, added Ciech, which is pursuing a new debt reduction programme.

Although the second-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) figure was a loss of Zl 242m, recurring EBITDA, calculated without the impact of the writedown, was positive at Zl 105m, the company said.

The operating loss in the second quarter was Zl 303.3m, compared with an operating profit of Zl 27.1m in the same quarter of 2011, added Ciech, which is also a producer of toluene di-isocyanate (TDI), epoxy resins and crop protection chemicals.

Among negative market factors that impacted on Ciech's performance was a downturn in the domestic furniture industry, the company said.

($1 = €0.80, $1 = Zl 3.35, €1 = Zl 4.19)

By: Will Conroy
+44 20 8652 3214

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