Polmos Lublin vodka producer cuts forecasts deeply

APA - Austria Presse Agentur
05-10-2005, 14:57

Poland: Warsaw (Puls Biznesu) – Polmos Lublin, the listed vodka producer, after a very weak first half of the year, revised down its financial forecasts yesterday.

Poland: Warsaw (Puls Biznesu) – Polmos Lublin, the listed vodka producer, after a very weak first half of the year, revised down its financial forecasts yesterday.

In the third quarter, our net income should be close to zero, and at the end of the year, we should have PLN 2m (EUR 508,000) of income, Waldemar Wasiluk, Polmos Lublin deputy CEO said.Before, the company expected to have PLN 18m of year income, up from PLN 17.6m in 2004. The market did not welcome income revision and shares were falling even 4 percent yesterday.The company explained worse results with high costs of failed attempts to acquire Polmos Bialystok (PLN 4.4m). Moreover, it has problems to sell its products via Carey Agri, its rival to buy Polmos Bialystok. The company has had to pay out severance payments for management members and has created PLN 1.4m of reserves. Marek Malinowski, Polmos Lublin CEO, stressed, that the company is starting to build a new production line for PLN 11m. The market capitalisation of Polmos Lublin amounts to PLN 160m.(PLN 1 = EUR 0.254)

Poland/Enterprises/Beverages

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