Polish mining machinery maker Kopex eyes energy

Primetech SA

25/02/2015 13:50

WARSAW, Feb 25 (Reuters) - Poland's largest mining machinery 
maker Kopex  KPX.WA  wants to diversify and start equipping 
power plants as it tries to capitalise on record investment in 
the Polish energy sector. 
    Kopex posted a 2014 net profit of 106 million zlotys ($29 
million) on Wednesday, up more than 60 percent, helped by cost 
cuts and reforms. 
    But low coal prices hit its main clients and Kopex wants to 
offset effects of this. 
    Chief Executive Officer Jozef Wolski said his firm wants to 
start producing equipment for power plants in Poland, which he 
said aim to spend more than 120 billion zlotys on modernisation. 
    "The spending on new capacity and modernisation are huge. 
There is a lot of money to be taken, and we want to take part in 
it," Wolski told reporters. 
    He said the firm wanted to use its expertise in coal mining 
to produce equipment for coal-powered power projects. 
    He said he expected to sign contracts this year but declined 
to provide details. 
    The company is also seeking to form a partnerships with 
players already present on the market, such as Warsaw-listed 
Rafako  RFK.WA , and plans takeovers of smaller companies in the 
sector, he said. 
    Its order backlog fell by more than 20 percent last year to 
1.35 billion zlotys, mainly on falling orders from its main 
export markets such as Argentina, Russia and China. Wolski said 
he expects spending in these countries to pick up this year. 
    He said due to new export contracts, restructuring and 
diversification, "there is a chance" of repeating last year's 
results in 2015. 
    ($1 = 3.6650 zlotys) 
 
 (Reporting by Jakub Iglewski; editing by Jason Neely) 
 ((jakub.iglewski@thomsonreuters.com; +48 22 653 9721; Reuters 
Messaging:  jakub.iglewski.reuters.com@reuters.net)) 
 
Keywords: MINING KOPEX/RESULTS