Polish soda ash producer Ciech swings to Q3 net profit

15 November 2013 17:15  [Source: ICIS news]

LONDON (ICIS)--Poland’s Ciech climbed to a third-quarter net profit of zloty (Zl) 6.3m ($2.0m, €1.5m) from a net loss of Zl 23.3m in the same period in 2012, with the results of its divestment and restructuring process continuing to bear fruit, the company said on Friday.

Operating profit rose to Zl 55.1m from Zl 20.9m, while sales revenues fell to Zl 823.4m from Zl 1.1bn, added Ciech.

Ciech said in a presentation of its third quarter results that a slight recovery of the stagnating Polish economy was visible and, given that soda ash sales are closely linked to economic growth, there was a good chance in the months ahead of better sales volumes and prices.

($1 = €0.74, $1 = Zl 3.11, €1 = Zl 4.19)

By: Will Conroy
+44 20 8652 3214

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