Bloomberg News

Polish Builder PBG Plunges to Record Low on Cash Flow Concerns

April 11, 2012

PBG SA (PBG) tumbled to an all-time low after Poland’s third-largest construction company warned of negative operating cash flow expectations in the second quarter.

The shares dropped as much as 7.2 percent to 31 zloty, the lowest since 2004 when the builder listed on the Warsaw Stock Exchange, and traded 4.4 percent lower at 1:18 p.m.

PBG expects to see negative operating cash flow this quarter due to delays in payments related to road contracts, the company’s chief financial officer, Przemyslaw Szkudlarczyk, said in a phone interview yesterday.

To contact the reporter on this story: Piotr Bujnicki in Warsaw pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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