News Parkiet

Petrochemicals

Troubles at Yukos could hurt Polish refineries

Threatened bankruptcy of Russia's largest oil producer Yukos could force two main Polish refineries, PKN Orlen and Grupa Lotos to look elsewhere for their oil supplies. Marek Woźniczko, Orlen's procurement manager doubts the Russians would stop selling oil if Yukos actually goes under. In the worst-case scenario, Orlen would have to switch to more expensive oil tankers, driving oil prices at the gas pump up by an estimated 2 to 4 percent.

Russian suppliers account for about 97 percent of Poland's oil consumption.

Banking

PKO BP reports earnings

Poland's largest retail bank PKO BP reported first-half earnings of 844 million zloty ($232 million), some 17 percent higher than last year as it prepares for IPO on the Warsaw bourse. Annualized return on equity rose to 29.6 percent. Chief executive Andrzej Podsiadło has confirmed previous reports that state-owned lender will file for IPO 'any day now'. Sources close to the WSE say once listed, PKO BP may replace Bank Austria or BRE Bank in the bourse's blue chip WIG20 index.

Building materials

Ekopłyta's German owner may list its stock

on the WSE

Germany's Steico AG, main owner of Ekopłyta wood panel manufacturer, may go public in Poland, listing its shares on the Warsaw Stock Exchange, possibly as early as next year. Ekopłyta's chief executive Tomasz Łucjan has confirmed Steico's plans without providing any details. IPO proceeds would be used to expand Steico's operations at Ekopłyta, sources close to the situation told PARKIET yesterday. Ekopłyta, which sells some of its production through Steico's distribution network in Western Europe and Saudi Arabia, plans sales of some 230 million zloty. The company said it wants to triple its earnings to at least 12 million zloty.

Building materials

Śnieżka raises stake in Belorussian company

Poland's second largest paint-maker Śnieżka SA has raised its stake in Belarus-registered subsidiary to 51 percent in return for $ 63.400 in cash and assets. Śnieżka, which reported preliminary 1H sales of PLN 120 million, already has two other firms in the neighboring Ukraine.

E-commerce

eCard turning profitable

eCard Internet clearing house announced on Thursday sales at the Warsaw-based company more than quadrupled to PLN 93.2 million zloty in the six months to July. Founded in May 2000, eCard processed some 217.000 Internet transactions, turning EBITDA-positive in June for the first time ever. 'We are planning to achieve permanent, positive financial results over the next three quarters', eCard chief executive Allan Wodzyński said. eCard owners include BRE Bank and Bank Zachodni WBK, as well as ComputerLand IT services group.

Industrial equipment

Apator reports 1H earnings

Apator automatic controls maker saw its six-month earnings climb to some 12.1 million zloty, posting sales that were 31 percent higher. Shares of Apator rose to an intraday high of 86 zloty after the company said it would once again revise its earnings projection. Just days ago Apator sold a large commercial property in its home city of Toruń to a subsidiary of Denmark's TK Development. It has already received 27.1 million zloty from the transaction.

Parliament

Opposition rejects gov't report on EU taxes

Ruling SLD-UP coalition won a narrow majority in a vote on government report outlining Poland's position on the harmonization of income taxes across the EU. The final tally was 215 to 207 in a vote opposition says was meant to serve as a warning to the country's new Finance Minister, Mirosław Gronicki. His predecessor Andrzej Raczko has enraged many Poles last week by seeming to suggest he supports 'harmonization of EU tax laws' at a meeting with French and German counterparts. At 19 percent, Polish corporate tax rate is lower than EU average.

R

Media

Ruch earnings triple to PLN 19 million

Net earnings at the state-owned Ruch newspaper distributor have almost tripled to PLN 18.9 million in the first six months of this year, the company reported earlier this week. Sales were up 4.3 percent to PLN 1.85 billion ($500 million), with products other than newspapers accounting for almost three-quarters of the total revenue.

Ruch controls half of Poland's newspaper distribution market, delivering daily papers to 37.000 retail outlets across the country.