Budget deficit at PLN 0.86 bln at end July – MF

Government budget deficit at the end of July stood at PLN 0.86 billion, i.e. 2.1 percent of the annual plan, the Ministry of Finance estimated. The plan for the whole year is PLN 41.49 billion. At the end of June PLN 9.54 billion surplus was recorded.

About 90% of entrepreneurs don’t get payments on time

The percentage of companies facing the problem of unpaid invoices rose to 16.2 percent  (from 13.5 percent). The number of companies, which don’t experience this problem at all, fell to 11.3 percent from 15.1 percent, according to the research of KRD Economic Information Bureau.  As a result, ...

Arctic Paper plans to sell plant in Mochenwangen in H2

Paper producer Arctic Paper plans to sell the plant in Mochenwangen, Germany in the second half of 2018, CEO Per Skoglund. He confirmed that the company is holding negotiations with a potential buyer. Arctic Paper expects that the funds obtained from the sale will, first of all, cover the liabilitie...

Torpol prelim. H1 net loss at PLN 5.9 mln

Railroad construction company Torpol reported a preliminary consolidated net loss of PLN 5.9 million in H1 versus a loss of PLN 11.2 million y/y. Revenue grew to PLN 545.6 million from PLN 212.9 million in H1 2017.

LiveChat Software with PLN 14.2 mln net profit in Q1

LiveChat Software reported PLN 14.2 million net profit in Q1 2018/2019 versus PLN 11.1 million a year ago. Operating profit amounted to PLN 17.6 million compared to PLN 13.7 million. Revenue grew to PLN 25.5 million from PLN 21.6 million y/y.

Government adopts draft law on PPK pension scheme

The Council of Ministers has adopted a draft law on employee capital pension plans (PPK), said Prime Minister Mateusz Morawiecki. The Prime Minister stressed that within 10 years the state will pay about PLN 35 billion to Poles in the PPK scheme.

PKO BP lending increases to PLN 221 bln in Q2

Net loans and advances granted to PKO Bank Polski clients amounted to PLN 221.3 billion at the end of the second quarter of 2018 – an increase of 3.4 percent y/y – the institution said. The share of impaired loans (NPL) fell by 0.5 percentage points y/y to 5.2 percent in the second quarter.

Number of insolvencies up by 14% y/y in H1

The number of insolvencies of Polish companies increased by 14 percent y/y to 580 in the period from January to July 2018, according to Euler Hermes on the basis of official data from Court and Economic Monitor. The transport sector saw the most insolvencies where the y/y increase amounted to 29 per...

Treasury debt inches down to PLN 947.1 bln

The debt of the State Treasury of Poland decreased in June by PLN 9.1 billion m/m to PLN 947.1 billion, the Ministry of Finance said. Since the beginning of the year, the treasury debt has increased by PLN 18.6 billion, the ministry said.