Toora drives into trouble with disastrous H1 results

The news provoked fury among investors and analysts, and may lead to a probe by the Financial Supervision Commission (KNF), the stock market watchdog.  The company made a loss of zł.37 million in the first half and revenues also were much lower than expected. Yesterday's news were the second nasty surprise from Toora in just two weeks. Last month, it announced a sharp downward revision of its revenue forecast for the year to zł.293 million from zł.430 million. Shares in Toora plummeted by 70% over the past month. Company executives cited cost overruns on investment projects and technical problems. But at a meeting with investors yesterday, they admitted there were, "lapses in management." Toora, which is owned by an Italian car parts maker, made its debut on the WSE 18 months ago in an IPO worth zł.115 million. Many respectable institutional investors have since bought into its shares. (Gazeta Wyborcza, p. 22; Puls Biznesu, p. 8; Parkiet, 1, 3) R.M.