22 April 2013 11:33 [Source: ICIS news]
LONDON (ICIS)--The value in the widened restructuring strategy being pursued by Poland’s Ciech is starting to show through in the group’s financial figures, the company said on Monday.
Earnings before interest, tax, depreciation and amortisation, adjusted with the deduction of one-off items, rose 29% year on year to zloty (Zl) 423m ($134.7m, €102.7m) in 2012 from Zl 327m in 2011, Ciech said.
Sales revenues recorded for 2012 were Zl 4.4bn, compared to Zl 4.1bn in 2011, it added.
“I am convinced that the current growth strategy of the Ciech group will help strengthen its market position in coming years,” said Dariusz Krawczyk, the CEO of Ciech, appointed in May last year to head the new restructuring drive with the approval of the company’s controlling shareholder, Poland’s treasury ministry.
Ciech has opted to concentrate on its core production assets, such as plants that make it Europe’s second largest soda ash maker.
Its divestment strategy for non-core businesses early this year saw it close its lossmaking toluene di-isocyanate (TDI) following the sale of assets held by subsidiary Zachem to German rival BASF.
Ciech is considering a bid from fellow Polish chemical producer Zaklady Azotowe Pulawy (ZAP) for subsidiary Zaklady Chemiczne Organika-Sarzyna, a unit that makes plant protection chemicals and epoxy and polyester resins.
($1 = €0.76, $1 = Zl 3.14, €1 = Zl 4.12)
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