Integer to march on in spite of Q3 losses

Logistics operator Integer announced in a report on Tuesday that it would streamline its business in an effort to return to profitability, the Polish press reported. During the third quarter, the company recorded a PLN 8.07 million net loss and an operating loss of PLN 28.38 million. Last year during Q3, the company also reported losses, although – at PLN 3.02 million and PLN 26.41 million – not as great as in 2016. Conversely, consolidated sales revenues increase, y/y, and were PLN 109.19 million (Q3), compared to PLN 54.47 million in 2015. However, Q3 profits were down substantially, y/y, from over PLN 40 million in 2015  to just over PLN 4 million in 2016. As a consequence, the company will take special measures to continue its activities. In the statement released to the press, it said, “The Management Board of the parent company appreciates the opportunity to continue its business activities by the group during the next twelve months, taking into account the following factors: focusing on the development of the Group's key markets (Poland, the UK and France), phasing out Ukraine and Russia, [and] restricting development in Italy and Canada.” The company said that it will strive to break even as it extends existing credit lines from BNP Paribas and Bank BPH. It indicated that part of the blame for its recent losses lay in “unprofitable activities in the traditional delivery of mail [by post].” Integer is the second largest Polish postal group, and owns InPost – an independent provider of financial services and insurance. The company has been listed on the Warsaw Stock Exchange since 2007.