Finland’s Patria has revealed that a dispute with Poland over offset has had a bearing on its operating profits.
The company’s recently released 2017 preliminary financial results stated that operating profits had declined from EUR74.6 million in 2016 to EUR33.9 million (USD41.6 million). According to a company statement, the decrease was “mainly due to the large land business projects causing annual fluctuation and due to an arbitration judgement related to the offset agreement dispute with the state of Poland”.
Patria officials told Jane’s on 12 February that the company had fulfilled total offset obligations worth “several hundreds of millions of Euros” in Poland.
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