July 23, 2016 / 8:16 AM / a year ago

Polish chemicals firm Police says impairment hit H1 results

WARSAW, July 23 (Reuters) - Polish chemicals company ZCh Police said late on Friday that impairment of 10.5 million euros related to its Senegal business hit the group's financial results in the first half of this year.

ZCh Police, a part of the state-controlled Grupa Azoty , has signalled problems with its Senagal unit earlier this year.

Originally ZCh Police reported in March this year a net profit of 164.8 million zlotys ($41.4 million) for 2015.

But in May the firm said it would book a 255.8 million zlotys writedown on its African Investment Group business in Senegal, correcting the 2015 profit to a loss of 71.7 million zlotys.

Finally it backed out of the earlier decision to restate its 2015 results and said it will likely book losses from its Senegal business in the first half of this year instead. (Reporting by Agnieszka Barteczko Editing by Jeremy Gaunt)

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