News Parkiet

The economy

Polish exports may suffer because

of stronger zloty, central bank says

The National Bank of Poland (NBP) said on Friday that zloty?s exchange rate to the euro has reached a level that is making export sales unprofitable. Several publicly traded firms confirmed NBP?s report, saying their top-line growth is at risk because their key contracts are denominated in either dollars or euros. Some tried to protect themselves using currency hedging. Up to 40 percent of Bank Pekao?s big corporate clients now use hedging as a safeguard against F/X losses versus less than 10 percent only two years ago, spokesman Robert Moreń said.

Telecommunications

Elektrim won?t accept offer to resolve PTC

dispute, broker says

Elektrim power and telecoms group is unlikely to accept an offer by France?s Vivendi Universal to resolve ownership dispute over 48 percent stake in Polska Telefonia Cyfrowa, Poland?s no. 1 mobile phone company now held by Elektrim-Telekomunikacja, a Vivendi-Elektrim joint venture, equity research analyst Rafał Salwa said on Friday. The deal could push debt-laden Elektrim towards bankruptcy, Mr. Salwa said.

Information Technology

Betacom on track to meet targets

Warsaw e-learning company Betacom SA reported fourth-quarter earnings of 3.6 million zloty, a 160 percent increase on record sales that were almost double the figures for the same period in 2003. Chief executive Mirosław Załęski, himself a major shareholder, says the company is well on its way to meet its financial targets for fiscal 2004-2005.

Shares of Betacom rose 13 percent to 16.85 zloty on the announcement, regaining some of the ground lost since last February?s IPO. Betacom went public selling 450.000 new shares at 28 zloty each.

Engineering

ZPUE reports record earnings

Electrical equipment manufacturer ZPUE announced preliminary 2004 earnings of 6 million zloty, or 5.9 zloty per share in a statement released on Friday. Publicly traded firm said its revenue, including sales of ZPUE?s main product, transformer stations and electrical switchgears, were up 27 percent to PLN 116.2 million. Export sales were weaker, though, ZPUE?s chief financial officer Ryszard Iwańczyk said, because of rising Polish zloty.

Chemicals

Alchemia hits new all-time high

Shares of Alchemia SA, a former tannery that?s supposed to start plastics processing and fuel distribution business closed at 30.6 zloty, a new all time high in heavy trading on Friday despite the apparent absence of good news that would justify such move. When asked for comment, chief executive Karina Wściubiak noted the stock has been going up ever since Alchemia?s main shareholder, top Polish businessman Roman Karkosik, decided to shut down unprofitable tanning business.