News Parkiet

Petrochemicals

Lotos IPO will be successful, analysts

say

Upcoming of Poland?s no. 2 oil refinery, Gdańsk-based Grupa Lotos will be successful as long as the company is priced below its main rival, PKN Orlen, equity analysts say. Grupa Lotos has announced details of its 1 - 1.1 billion zloty offering yesterday.

Mutual funds

Mutual funds? assets rose in first quarter

Assets under management by Polish mutual funds rose by more than 3 billion zloty ($940 million), or about 8 percent in the first quarter. However, not all funds did well enough to post asset gains. Assets of Deutsche Bank?s DWS TFI shrunk by 5.8 percent, or 119 million zloty because of stock market losses and withdrawals.

Civil engineering

Budimex signs new contracts

Poland?s no. 1 road construction company, Budimex subsidiary Budimex-Dromex, said yesterday it has signed two contracts with GDDKiA road construction authority totaling 75.2 million zloty. Budimex-Dromex will build beltways around the towns of Dobrodzień and Sławno.

Food industry

Elstar Oils reports first-quarter earnings

Shares of Canola oil maker Elstar Oils fell in intraday trading only to close up 0.3 percent at 38.5 zloty yesterday after the company reported lower than expected earnings. Elbląg-based firm said its profits fell to just 1.3 million zloty from 2.09 million zloty a year ago. Sales were down 4.5 percent to PLN 30 million.

Footwear

Protektor narrows 1Q loss

LZPS Protektor shoe factory reported narrower losses in the seasonally weak first quarter. The company, which makes specialized footwear, including army boots, said its revenues were up 6.7 percent to 5 million zloty.

Shares of Lublin-based Protektor rose 0.44 percent on the news.

Telecommunications

MNI to buy Legion Polska

Multimedia and telecommunications provider MNI SA said it has agreed to pay as much as 16.5 million zloty in cash for Legion Polska call center operator to UK?s Polina Trading Ltd. Warsaw-based MNI expects the acquisition to add at least 17 million zloty in sales to its PLN 50 million annual revenue. MNI said that Legion Polska, originally part of France?s Lagardere group, posted earnings of about 3.5 million zloty last year.