Apator meter producer has worse quarter, plans acquisitions

APA - Austria Presse Agentur
opublikowano: 23-11-2006, 13:36

Warsaw (Puls Biznesu) – Apator CEO is not happy with the last three months. Nevertheless he promises that the company will meet the forecasts.

Warsaw (Puls Biznesu) – Apator CEO is not happy with the last three months. Nevertheless he promises that the company will meet the forecasts.

Apator group, Poland’s leading producer of counters and meters, consisting of eight companies, plans further acquisitions. The company eyes a Polish and a Czech firm. The Polish one is called Powogaz.

“Talks are going on but they are not easy”, Janusz Niedzwiecki, Apator CEO said.

Powogaz produces water meters, has about PLN 70m (EUR 18.4m) of annual sales and has had net income in the last three years. Apator expects to increase Powogaz profitability to 10 percent. The acquisition will cost EUR 10-15m. The Czech project should be much cheaper because Apator wants to buy only one plant from his rival.

Janusz Niedzwiecki is not happy with third quarter results of his company. Apator had PLN 210.8 of sales in the first three quarters of this year, down from PLN 288.8m a year ago, and PLN 27.8m of net income, down from PLN 45.6m in the same period of 2005.

“It’s been long since I had to explain results worse than expected by analysts. Several contracts shifted and our profitability fell”, Apator CEO said.

Nevertheless, the company has not revised full year forecasts down. They amount to PLN 300m of sales and PLN 41m of net income.

(PLN 1 = EUR 0.263)

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Podpis: APA - Austria Presse Agentur