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Regions :: Eastern Europe :: Poland

Ciech's profits plummet

12:34 PM MDT | May 15, 2014 | Ian Young

Ciech (Warsaw) says that its first-quarter net profit dropped 88% from the corresponding period of last year, to 5.6 million zloty, on sales down 15%, to Zl 845 million. Ebitda declined 11% year on year, to Zl 118 million. The sales decline reflects the divestment of Ciech's phosphorous chemical and chromium chemical plant at Alwernia, Poland, and the termination, because of bankruptcy, of operations at a site at Bydgoszcz, Poland. "Despite a slight improvement in the situation in the chemical industry, the market situation is still very difficult,"...

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