Restructuring helps Poland’s Ciech swing to H1 net profit

30 August 2013 23:04  [Source: ICIS news]

LONDON (ICIS)--First-half net profit at Polish soda ash producer Ciech swung to zloty (Zl) 61.9m ($19.1m, €14.4m) from a net loss of Zl 337.4m a year ago as restructuring efforts began to pay off, the company said on Friday.

Net sales revenues for the six-month period fell to Zl 1.9bn from Zl 2.3bn in the same six months of 2012, it added.

Operating profit was Zl 120.7m compared to an operating loss of Zl 231.4m in the first half of last year, Europe’s second largest soda ash maker said.

The decline in revenues was explained by the company’s push to shed all its non-soda ash units under a widened divestment process that in January saw it move out of the toluene di-isocyanate (TDI) business after selling assets of its Zachem subsidiary to rival producer BASF of Germany.

In May, the Polish treasury ministry, which controls Ciech, said that investors are welcome at any time to submit substantive offers for the company.

($1 = €0.76, $1 = Zl 3.24, €1 = Zl 4.29)

By: Will Conroy
+44 20 8652 3214

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