News Parkiet

Petrochemicals

PKN drops despite higher fourth-quarter

earnings

PKN Orlen, Poland?s national oil company, said its earnings in the last quarter doubled to PLN 610 million ($205 million), bringing the total for last year to a record 2.44 billion, or 5.7 zloty a share. Płock-based company said it plans to use its massive cash flow to upgrade its retail network. PKN Orlen now owns more than 1300 gas stations across the country and has over 600 stations operated by independent dealers.

Shares of PKN, one of the country?s top four corporations by market value, fell 3.2 percent to close at 45 zloty after yesterday?s earnings news.

Civil engineering

Gloria, Sices launch takeover bid for the rest of Energomontaż

Two Italian building firms, Gloria Sarl and Sices International have made a bid to buy out minority-held shares in Polish construction company Energomontaż-Północ yesterday. In between them, Gloria and Sices already own 77 percent of Energomontaż. The two are offering 9.1 zloty a share, a significant discount from Tuesday?s closing price of 13.9 zloty in a bid that runs until April 7.

Separately, Energomontaż CEO Mariusz Różacki told PARKIET his company plans to increase its sales ?several times? if it wins several large chemical and power industry projects.

Mining

Coal mines see tougher times ahead

State-owned Katowicki Holding Węglowy coal mine group has cut its official profits estimate by half because of lower margins on export sales. The company, which is expected to list its shares on the Warsaw bourse, says it now expects earnings of some 71 million zloty, down from last year?s PLN 142 million. Much larger Kompania Węglowa, which sells almost a third of its output abroad, said earlier it might earn just 200 million zloty, less than half of last year?s PLN 430 million. Both firms blame rising Polish zloty and the availability of cheaper products from countries like Australia, Russia and South Africa.

Building materials

Polcolorit executive quits over strategy

differences

Vittorio Marconi, general manager of Polcolorit ceramic-tile manufacturer has decided to leave the company because of disagreements over strategy with his own mother, chief executive Barbara Urbaniak-Marconi. According to unofficial reports, Mr. Marconi wanted to boost market value of Polcolorit by taking on debt to finance expansion.

Information Technology

Techmex sees higher revenues from GIS

services

Mobile equipment wholesaler Techmex SA says it expects much stronger sales of Global Information Systems products, including digital map sales in other CEE countries. In 2004 Techmex spent over 70 million zloty ($24 million) building a satellite image processing center together with Polish military.

Shares of Bielsko-Biała based company slid 5 percent to close at 24.6 zloty yesterday, some 18 percent below last year?s IPO price.