Polish construction company Polimex-Mostostal had a consolidated net loss of zł.1.24 billion in 2012, compared to a loss of zł.133.6 million in 2011. The firm's revenue in 2012 was zł.4.11 billion, while in 2011 it had amounted to zł.4.58 billion. The results were largely brought down by the valuation of the company's long-term contracts. Polimex had to make budget changes in many of them.
As of the end of 2012, the total accumulated loss of Polimex-Mostostal was higher than its reserve capital and higher than one third of its equity. This means that the company's EGM will have to vote on the continued existence of the firm. The company's board, however, expressed hope that after the restructuring currently being implemented the company's outlook will improve.
“We need two years to make our operational activity profitable again. I believe that in 2014 we will be able to show a profit,” the company’s vice president, Robert Bednarski, told Parkiet.
From Warsaw Business Journal
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