Torpol’s subsidiary liquidated
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Torpol Norge, a Norwegian subsidiary of Torpol, was deleted from the court register today (November 15) by the registry court competent for the city of Oslo in Norway, informs the company. This event marks the end of the liquidation process of the company specializing in the construction of railway infrastructure.
The decision to liquidate the Norwegian company was taken in December last year. It was related, among others, to negative financial results, which were the result of a long-term lack of contracting, prolonged difficult situation on the Norwegian tender market, as well as postponing the launch of the National Transport Plan to 2018-2029. Not without significance was also the problem with finding a local industry investor for the assets of Torpol Norge.
The completion of Torpol Norge’s decommissioning process is to be irrelevant to the Group’s financial results and cash flows, Torpol said. Final settlements in this respect will be included in the next interim report, which is planned to be published this Friday (November 22nd).
Torpol earned a consolidated net profit of PLN 22.1m (€5.2m) in the first three quarters of 2019, compared to a loss of PLN 4.7m (€1.1m) in the same period in 2018, according to preliminary figures. Sales revenues totalled PLN 1,063.9m (€250.1m), compared to PLN 971.3m (€228.7m) a year earlier.
Torpol attributed the positive results to a record order book that allowed it to significantly increase its scale of operations