The bankrupt construction firm posted a zł.1.7 billion net loss in the first half of 2012
Polish construction firm PBG has applied for zł.200 million in state aid from the Industrial Development Agency (ARP).

PBG had previously submitted a request for a loan in July, but the ARP decided it was not possible until the firm’s H1 financial results had been released.

Following the announcement of a net loss of zł.1.7 billion in the first six months of 2012, the company’s president Wiesław Różacki said, “We will amend our motion to the ARP by the end of the week. … We are filing for zł.200 million.”

Mr Różacki said that company’s significant net loss came as a result of writing down the value of assets due to continued financing problems.

“In a situation of such great uncertainty and volatility, the management decided to take a very conservative approach to the valuation of its assets and decided to take significant writedowns,” Mr Różacki confirmed in a statement.

Poland’s third-largest construction firm suffered financially after it decided to invest heavily in Poland’s infrastructure boom ahead of Euro 2012. The company, which helped build three out of four stadiums for the tournament, filed for bankruptcy in July, blaming difficulties with infrastructure contracts and intransigent banks.