Polcolorit plans to revise its forecast down

APA - Austria Presse Agentur
10-10-2006, 15:40

Warsaw (Puls Biznesu) – Tiles are not selling well in Poland and although foreign sales compensate for that, Polcolorit will have to lower this year’s financial forecasts.

Warsaw (Puls Biznesu) – Tiles are not selling well in Poland and although foreign sales compensate for that, Polcolorit will have to lower this year’s financial forecasts.

 

This year’s financial results of the listed tile producer are still below the management’s expectations.

“We are counting September results but we will probably have to revise down our forecasts”, Witold Pandel, the CFO of Polcolorit said.

Polcolorit promised PLN 18.3m (EUR 4.7m) of net income or an increase of 14 percent. However, in the first half of the year, the company had less than PLN 5m of net income.

 

The new estimates will be published this month. The main reason for worse results is the situation in Poland. Despite boom in the homebuilding sector, the company has not noted a bigger demand for tiles.

“Sales are not as good as we expected. Sales abroad are much better but exports are not enough to compensate the downward trends”, Witold Pandel said.

(PLN 1 = EUR 0.256)

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Podpis: APA - Austria Presse Agentur

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