Newly formed Kompania Węglowa profitable in 2016

The entity set up on the basis of Kompania Węglowa will be profitable in 2016 at the earliest, Krzysztof Sędzikowski, CEO of Kompania Węglowa, informed. “We are in the process of creating a business plan and we do not know yet what the new system of salaries and work organization will look like. Talks with the unions are still ahead. There is no need to lower wages for miners working underground, however there is still room to work on the motivational system. We are in talks with banks on rolling over the debt. I estimate that the new company will be profitable in 2016 at earliest,” Sędzikowski told Polish daily Rzeczpospolita. The government decided earlier to restructure the ailing Kompania Węglowa.  The process will be complete by the end of September 2015.