Ruch announces loss instead of net income for 2005

APA - Austria Presse Agentur
07-04-2006, 16:11

Warsaw (Puls Biznesu) – Ruch press distributor is another state-owned enterprise with brand new management which wants to revise the actions of its predecessors.

Warsaw (Puls Biznesu) – Ruch press distributor is another state-owned enterprise with brand new management which wants to revise the actions of its predecessors.

The new management of Ruch said that instead of PLN 15m (EUR 3.8m) of net income expected in 2005, the company will announce a loss.

“The operating activity is ok but there were some unpleasant surprises”, Cezary Klimont, the member of Ruch board responsible for finances, said.

Ruch is building many reserves. The new management decided that the situation of the company is so bad that it must be restructured. Hexagon Capital Advisors i Kolaja & Partners will advise at the process. Miron Maicki, the previous Ruch CEO believes that the reserves are made to lower last year’s income. In his opinion, they would be dissolved later to improve 2006 results.

The new management said that the company would be listed in the third or fourth quarter despite poor results.

“Our activities may help the company have quick income but it won’t be possible to change much prior to the IPO. This year’s net income should resemble last year’s when it amounted to PLN 24m”, Adam Pawlowicz, Ruch present CEO said.

(PLN 1 = EUR 0.252)

 

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Podpis: APA - Austria Presse Agentur

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