News Parkiet

Equity markets

Brokers to distribute investor

risk survey

Poles opening new stock brokerage accounts may soon be asked to take an investor risk survey designed by the country?s Brokerage House Chamber to screen those who don?t know that you can actually lose money on the stock market. New clients will be able to open accounts even if they fail five-question survey, but they?ll have to sign a special waiver. The measure is supposed to protect stockbrokers against claims by disgruntled customers.

Banking

BRE?s second-quarter

profit doubles

BRE Bank, Poland?s fifth largest bank said its second quarter earnings more than doubled thanks to extra gains by its bond trading unit and higher income from consumer loans. Net income of Commerzbank unit rose to PLN 83.9 million ($25 million) compared with 38.7 million zloty last year, although the figure included 30 million zloty from reversing bad loan provisions, the bank said at a news conference yesterday. Analysts expected quarterly earnings of 64.5 million zloty. Part of WIG20 blue chip index, BRE reported ROE of 21.7 percent (before tax).

Chief executive Sławomir Lachowski said the bank ?doesn?t exclude? earnings before tax higher than BRE?s previous target of 290 million zloty for all of 2005.

Shares of BRE Bank rose 1.5 percent to close at 135 zloty.

Privatization

Investors vie for Wrocław

heating utility

Talks about the sale MPEC Wrocław district heating plant will begin as early as next week, municipal authorities said. The three bidders for the 24.6 million shares of publicly traded firm, now held by Wrocław municipal authorities include Finland?s Fortum DZT, Electricite de France unit Dalkia Polska and private equity fund Emerging Markets Partnership Europe, which is controlled jointly by AIG, ABN Amro, Edison Capital and by various mutual and pension funds. Wrocław now owns 57 percent of MPEC, a 463 million zloty ($136 million) company by market value. It has a 76 percent voting stake in MPEC.

Manufacturing

Grupa Kęty?s second-quarter earnings

drop 6 pct. to PLN 28 million

Aluminum packaging and building materials manufacturer Grupa Kęty said yesterday it expects to meet its 102 million zloty profit target despite lower second-quarter profits. The company, part of WIG20 index of Poland?s biggest stocks, reported earnings of 28 million zloty on sales that were almost 19 percent lower. Quarterly revenues fell to PLN 176.6 million partly because of last month?s sale of Flexpol, a non-core subsidiary.

Acting CEO Dariusz Mańko says the company expects to close two of the three acquisitions it is pursuing within two months. The two would add about 300 million zloty in annual sales to Kęty?s PLN 841 million zloty planned for this year, Mańko said.