News Parkiet

Civil engineering

Creditor files for Mostostal?s

bankruptcy

Kancelaria Motty Nieruchomości filed for bankruptcy of Mostostal Export civil engineering group in a last-ditch attempt to recover ?several hundred thousand zloty? owed by the Warsaw-based building contractor, sources told PARKIET yesterday. Chief executive Michał Skipietrow says the move is merely an attempt to force Mostostal to pay the money it owes KMN.

Building materials

Polcolorit reiterates earnings forecast

Premium ceramic tile maker Polcolorit says it expects earnings of 15.4 million zloty despite weaker nine-month performance. Controlled by Urbaniak-Marconi family, the group reported nine-month profits of 10.1 million zloty, less than two-thirds of its full-year forecast.

Typically, the fourth quarter is a slow period for Polcolorit, but this year the company may benefit from higher demand by homeowners who stock up on building materials before this year?s expiry of a popular tax break for people who renovate their homes.

Telecommunications

ATM?s earnings up 240 pct.

Third-quarter earnings of fiber optics telecommunications company ATM rose 240 percent to as much as 2.4 million zloty, the company said in a statement to investors yesterday. ATM said sales in the December quarter may be lower than its initial expectations because some of its customers are postponing new projects until the political situation in Poland turns more stable.

Banking

Credit Cooperatif raises stake in BISE

France?s Credit Cooperatif has agreed to buy new shares of Bank Inicjatyw Społeczno-Gospodarczych, a small Polish lender specializing in SME financing. Sources familiar with the situation say Credit Cooperatif will pay as much as 19.6 million zloty, buying BISE shares at 1.7 times their book value. The French will own 47 percent of privately held BISE once the stock sale is registered by the court.