Groclin reports net loss of PLN 84 mln in 2017

Automobile seating manufacturer Groclin recorded a consolidated net loss of PLN 84 million in 2017, compared to PLN 0.45 million net profit in 2016. The operating net loss amounted to PLN 85.4 million versus PLN 7.6 million a year ago. Consolidated revenue grew to PLN 293.5 million from PLN 260.8 million. “Despite the increase in sales revenue by more than 12 percent compared to the previous year, which in 2017 reached PLN 294 million, we were not able to achieve positive results. The main reason for the loss was the one-off provisions and write-offs due to permanent impairment of assets,” Groclin commented in the report