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Grupa Kety forecasts PLN 102m of net income

APA - Austria Presse Agentur
opublikowano: 03-08-2005, 18:50

Warsaw (Puls Biznesu) – Grupa Kety, one of Poland’s biggest aluminium processing companies, has not changed its financial forecasts. “Second quarter results make the forecasts real. After weak quarters, in May and June the economy grew”, Wlodzimierz Giller, DB Securities analyst commented.

Warsaw (Puls Biznesu) – Grupa Kety, one of Poland’s biggest aluminium processing companies, has not changed its financial forecasts. “Second quarter results make the forecasts real. After weak quarters, in May and June the economy grew”, Wlodzimierz Giller, DB Securities analyst commented.

Kety plan to have PLN 102m (EUR 25m) of net income and PLN 841m of sales. In the second quarter, the company’s net income amounted to PLN 28m, nearly the same as in the same quarter of 2004. Investors and analysts welcomed the news, especially that Kety had suggested before the net income could fall to PLN 23-24m. Yesterday, shares were growing 3 percent to PLN 131.5, the highest level in four months. Within last month, shares have already added 25 percent.

“The market has understood that the earlier share price falls after first quarter results were published was exaggerated”, Wlodzimierz Giller believed. In the first half of the year, Kety had PLN 45.3m of net income against PLN 52.5m last year (14 percent decrease). Sales amounted to PLN 337.1m. The company has realised, respectively, 44 percent and 40 percent of this year’s plans. Results were disturbed by high aluminium prices and strong zloty. Nevertheless, sales in the second quarter amounted to PLN 177m, and exceeded by PLN 7m the higher range of earlier forecasts.

(PLN 1 = EUR 0.245)

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Podpis: APA - Austria Presse Agentur

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