Booming global soda prices boost Ciech's H1 profits

Ciech's net profit for H1 2007 doubled to zł.194.1 million on a year earlier, and revenues came in at zł.1.7 billion, up by 86%. The company also revised upwards its revenue and profit forecasts for the year, to zł.3.5 billion and zł.251 million, respectively. Ciech, which is Europe's second-biggest maker of soda, has ambitious plans to grow its agribusiness division, most likely by acquiring the state-owned fertilizer plants in Puławy and Police. It is also eyeing takeover targets in the West European soda sector. This is consistent with the strategy adopted for Ciech by the Treasury, which is its leading shareholder with 36% of shares. With its uniquely strong position in the European soda sector and significant growth prospects, Ciech has reportedly become the object of interest by Russian companies and by British investors. The Treasury wants to strengthen the enterprise so it does not become an easy prey. (Parkiet, p. 1; Dziennik, The Wall Street Journal, p. 6; Puls Biznesu, p. 5) R.M.