May 30, 2018 / 5:54 AM / a year ago

Poland's GetBack posts FY net loss of $345 mln

WARSAW, May 30 (Reuters) - Polish troubled debt collector GetBack said on Tuesday night its full-year net loss came at 1.3 billion zlotys ($345.74 million) compared with net profit of 200 million zlotys a year earlier.

GetBack ran into trouble after buying large portfolios of distressed debt at higher prices than its competitors and funding this with short-term bond issues.

The company had earlier postponed its 2017 earnings. In May, it estimated its full-year net loss to be about 1.2 billion zlotys.

The court has opened an accelerated restructuring procedure over GetBack, while the financial market regulator has submitted to the prosecutor’s office a notice of offence in relation to the company’s activities.

$1 = 3.7600 zlotys Reporting by Agnieszka Barteczko, Editing by Sherry Jacob-Phillips

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