News Parkiet

Petrochemicals

ConocoPhillips seeks stake in PKN Orlen, sources say

Representatives of ConocoPhillips are set to meet today with government officials from Nafta Polska privatization agency to talk about possible sale of 17 percent stake in PKN Orlen, Poland?s national oil company, sources close to the situation told PARKIET yesterday. Orlen and ConocoPhillips have already worked together on a deal to buy Czech refinery Unipetrol.

Banking

Bank Zachodni WBK reports stronger profits

Bank Zachodni WBK, Poland?s fourth largest bank, reported fiscal 2004 earnings of more than 444 million zloty because of improved interest income and higher earnings of key subsidiaries. The bank, which is 70 percent owned by Allied Irish Plc., earned just 128.9 million zloty ($41.5 million at yesterday?s rates) in 2003.

Wrocław-based BZ WBK said its interest income rose 5 percent to PLN 1.49 billion, while income from banking fees and commissions was up 7 percent to PLN 0.69 billion. Costs dropped by 10.2 percent to PLN 1.2 billion. Operating units, including BZ WBK?s brokerage house and Arka TFI mutual fund company also reported stronger earnings.

Jacek Kseń, BZ WBK?s chief executive, said the bank will increase its dividend payout from 20 to 40 percent, raising its dividends to PLN 2.43 zloty per share.

On the Warsaw bourse BZ WBK, which is part of WIG20 blue-chip index, fell 1.44 percent along with most other big stocks, closing at 103 zloty, near its all-time high.

Food industry

Żywiec to pay record dividend

Heineken unit Grupa Żywiec said it would raise its annual dividend from 20 to 30 zloty per share after reporting fiscal 2004 earnings that rose by a third from two years ago. Poland?s no. 1 brewery by market share reported profits of 277 million zloty on revenues of nearly 3.63 billion ($1.17 billion). Żywiec will focus on organic growth in 2005 after last year?s acquisition of Brau Union?s operations in Poland, chief executive Nico Nusmeier said.

Communications

Polish 3G sale begins

Polish telecoms regulator URTiP will pick the winner of a new beauty contest to award the country?s fourth 3G mobile license by May 9, senior government official said yesterday. Selection criteria will focus on bidders? financial standing, Witold Graboś said.

Equity markets

SEC probing companies that cut earnings forecast

Polish Securities and Exchanges Commission is looking whether public companies that cut earnings forecasts deliberately published misleading financial estimates in the first place to keep the stock price up. Several firms that begun trading on the Warsaw bourse recently announced highly optimistic forecasts before their IPOs, only to cut their targets later on. The SEC occasionally fines companies that didn?t announce revised earnings forecasts as soon as they knew they wouldn?t make the numbers.