Locked content EBRD lifts Poland’s GDP growth forecast to 4.7% in 2018

The European Bank for Reconstruction and Development (EBRD) raised the GDP growth forecast for 2018 to 4.7 percent y/y, and for 2019 to 3.6 percent y/y, up by 0.7 and 0.3 percent respectively compared to forecasts from May – the bank reported. “GDP growth could have reached its peak in m...

Locked content Unemployment down at 3.4% in Sept – Eurostat

The seasonally adjusted unemployment rate in Poland was 3.4 percent in September compared to 3.5 percent in August, the EU statistical office Eurostat reported. The number of unemployed people decreased to 577,000 in September from 590,000 a month earlier. In the entire EU, unemployment stood at 6.7...

Locked content Grupa Azoty Q3 prelim. net loss at PLN 116.8 mln

In Q3 Grupa Azoty recorded preliminary net loss of PLN 116.8 million, EBITDA of PLN 44.1 million and revenue of PLN 2.32 billion, the company said in a statement. The results were affected by the increase in gas and fuel prices, CO2 emission allowances and lower sales volumes, the company said. Grup...

Locked content AmRest completes acquisition of Sushi Shop

AmRest has finalized the purchase of 100 percent stake in Sushi Shop Group, the company said. The purchase price was about €164 million. Earlier the company said that the price would amount to €240 million adjusted by the balance of cash and debt. In addition, up to €10 million (earn-out) will be pa...

Locked content Gov’t budget with PLN 3.2 bln surplus at end-September

The Ministry of Finance informed that Poland recorded a budget surplus of PLN 3.2 billion at end-September. The income after 9 months amounted to PLN 272.9 billion or 76.7 percent of the planned budget income. During that period, PIT revenue increased by 13.9 percent y/y, while CIT revenue was up 16...

Locked content LOT strike is over after agreement with unions

Strike of Poland’s national airline LOT employees has finished, and an agreement with protesters has been reached, Paweł Borys – president of the Polish Development Fund invited as an observer by LOT management – said. The company agreed to bring back chairman of LOT Pilots and Crew Unio...

Locked content Poland falls to 33rd place in “Doing Business” ranking

Poland fell to the 33rd position in the “Doing Business” ranking – according to a report published by the World Bank. A year ago, Poland held the 27th place. “Poland has complicated the tax system by introducing the requirements for monthly reporting of VAT refunds, extending...

Locked content Santander Bank Polska Q3 net profit down at PLN 495.5 mln

Santander Bank Polska recorded PLN 495.5 million of consolidated net profit attributable to shareholders in Q3 versus PLN 559.9 million y/y, the bank reported. Net interest income amounted to PLN 1.42 billion compared to PLN 1.34 billion in Q3 2017. Total assets of the bank stood at PLN 177.4 billio...

Locked content Vistula Group will change name after merger with Bytom

Shareholders of Vistula Group agreed on Wednesday to change the company name to VRG as a result of Bytom and Vistula Group merger. The new name will be effective from December. Vistula management board said that keeping the name of one company brand may in the longer term cause difficulties in commu...

Locked content WSE Q3 net profit down at PLN 37.7 mln

The Warsaw Stock Exchange (WSE) recorded PLN 37.7 million of consolidated net profit attributable to shareholders in Q3 compared to PLN 47.0 million y/y, the company said. Operating profit stood at PLN 43.1 million versus PLN 50.0 million in Q3 2017. Revenue grew to PLN 85.7 million from PLN 81.1 mi...