Bloomberg yesterday quoted Unipetrol CEO Pavel Svarc as saying that Unipetrol will cut its workforce from 16,000 to 10,000 in the next five years. He also said that Unipetrol could reduce its costs by almost CZK 3 bil. in the next three years. This is positive, but the uncertainty related to Unipetrol’s post-privatization restructuring and performance is likely to prevail. Should the stock price rise on the back of the statement, we would advise reducing positions.
(Jiri Soustruznik)