Warsaw – Sales at Ciech's Pianki business declined by 14.5% between the first quarter of 2019 and the first quarter of 2020.
They fell to PLN 65m ($16.7m) in the first quarter of 2020. This compares with PLN 76m in the equivalent period in 2019. The company does not report EBITDA for its individual divisions.
The Polish bed manufacturing industry contracted by about 6% in volume terms between January and March 2020, as coronavirus forced most manufacturers to suspend production for periods of time. This is a major market for Pianki, Ciech added.
Overall, the parent company had total sales of PLN 854m in the first quarter of 2020, down 10.4% on the same period last year. EBITDA across the business fell by 9.4%, to PLN 145m, in the first quarter of 2020.
The company has not published a profit forecast for the remainder of 2020.
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