Krosno glass producer promises better results this year

APA - Austria Presse Agentur
22-02-2006, 16:32

Warsaw (Puls Biznesu) – First quarter results of Krosno, the listed glass-works, may be disturbed by restructuring costs. Then, the situation is going to improve, the management of the company said.

Warsaw (Puls Biznesu) – First quarter results of Krosno, the listed glass-works, may be disturbed by restructuring costs. Then, the situation is going to improve, the management of the company said.

The management of Krosno is implementing the last point of the restructuring program. In the fourth quarter of last year, the company had PLN 10.4m (EUR 2.7m) of net loss. In the whole year 2005, the loss amounted to PLN 8.3m.

“We want to stabilize the company’s financial situation as quickly as possible”, Jacek Soltys, Krosno CEO said.

The restructuring started in 2001. Then, the venture with Minex was ended. Krosno has since built its sales network outside and in Poland. In 2004, the company started investments and the development of the capital group. It failed to reduce employment. Market situation was nor favorable. Financial problems started.

600 workers have left Krosno recently. There may be more job cuts. Job reductions should generate PLN 12m of savings. They are meant to lower costs by 10 percent, or by PLN 18m. Short-term payments grew in December 2005 to PLN 122m from PLN 55m in 2004.

“It was only due to shifts within the same credits. The level of debts remained the same. We pay back all our credits”, Jacek Soltys said.

In his opinion, the first quarter results may still be burdened by the restructuring costs.

“The first months of the year are difficult but also promising. In the second quarter, the results of our work will be visible. We won’t repeat last year’s results”, Jacek Soltys promised.

(PLN 1 = EUR 0.263)


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Podpis: APA - Austria Presse Agentur

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