Police chemical plant faces restructuring

APA - Austria Presse Agentur
10-11-2006, 16:23

Warsaw (Puls Biznesu) – Poor third quarter results mean restructuring for Police chemical plant.

Warsaw (Puls Biznesu) – Poor third quarter results mean restructuring for Police chemical plant.

In the first three quarters of this year, sales of Police dropped to PLN 1.22 billion (EUR 318.4m) from PLN 1.23 billion a year earlier. The company had PLN 23.3 billion of net loss against PLN 62.8m of net income in the same period of 2005. The representatives of the company explain poor results with high gas prices, low ammonia prices and fluctuating prices of some materials it uses. In the first months of next year, the board will present a restructuring plan. According to Grzegorz Dlugosz, first the sales structure will be improved to base on higher margin products and to cut costs. Reserves will be made for investment programs and the value of the assets will be updated. The investment program presented prior to the company’s IPO will be verified. Police were supposed to spend PLN 540m within three years.

(PLN 1 = EUR 0.261)

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Podpis: APA - Austria Presse Agentur

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