By Maciej Martewicz
Nov. 8 (Bloomberg) -- Alchemia SA, a Polish metal producer and distributor, cut its 2008 net income forecast citing higher scrap-metal prices rose and a stronger-than-expected currency.
Warsaw-based Alchemia reduced the forecast by as much as 82 percent to a range of 110 million zloty ($38.4 million) to 130 million zloty, the company said in a regulatory statement late yesterday. The previous projection was for 180 million zloty to 200 million zloty.
The company is owned by billionaire Roman Karkosik.
Scrap metal prices were 27 percent higher than the company had assumed, at an average to 1,000 zloty per ton. The zloty, which Alchemia had forecast at 3.6 per euro, traded at levels from 3.2 to 3.3 against the euro until September, the company said in the statement.
To contact the reporter on this story: Maciej Martewicz in Warsaw at mmartewicz@bloomberg.net
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