ZCH Police records loss on paper, but remains stable, says president

Chemical plant ZCH Police closed last year with losses of zł. 179 million, which should be attributed to changes in accounting methods. "We created reserves and made our book value more real. This was a one-time event, which created a burden of zł. 104 million," said ZCH Police president Krzysztof Żyndul. In his opinion, the company produced a loss of about zł. 70 million on the operating level with revenues of zł. 1.18 billion. "The ratio of loss to the level of sales and company capital shows that the plant is in a stable economic condition, which does not exclude the necessity of its restructuring," said Żyndul. The plant is undergoing a restructuring program due to which the company has reduced expenses and decreased its workforce from 4,030 to 3,100 and will lay off a further 300 people in 2003. ZCH Police filed five applications for the F-16 offset program and hopes to take part in the reconstruction of Iraq. (Rzeczpospolita, p. B5) M.M.