Poland's Ciech sinks to Zl 24.8m Q3 net loss on weak agrochems

07 November 2012 15:59  [Source: ICIS news]

LONDON (ICIS)--Ciech fell to a zlotych (Zl) 24.8m ($7.7m, €6.0m) net loss in the third quarter, compared to a net profit of Zl 6.3m in the same period of last year, with lower prices and unfavourable exchange rates in the agrochemical segment hitting its performance, the Polish group said on Wednesday.

Third-quarter sales revenues edged up to Zl 1.1bn from Zl 1.0bn a year ago, Ciech added. Operating profit fell to Zl 22.8m from Zl 33.0m, it said.

In its comments on the results, Ciech noted “the maintenance of significant external debt servicing costs, including interest on loans, bonds and finance leases, which are associated with high levels of external debt”.

The company is set to issue its first ever international bond with some proceeds to be used to pay down part of a Zl 1bn bank loan.

Ciech, Europe's second largest soda ash producer, is also in the midst of a restructuring programme, which is being contested by an action committee of union representatives.

($1 = €0.78, $1 = Zl 3.21, €1 = Zl 4.12)

By: Will Conroy
+44 20 8652 3214

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