The Russian plant of Forte furniture producer is profitable

29-01-2007, 10:24

Warsaw (Puls Biznesu) – The new plant has come out of the red. This year, it will generate income for the furniture group.

Warsaw (Puls Biznesu) – The new plant has come out of the red. This year, it will generate income for the furniture group.

The plant in Russia built a year ago for EUR 11m has become profitable.

“At the end of last year, the investment started to make money. In 2007, it will generate income for the group”, Andrzej Korzeb, Forte deputy CEO for financial issues said.

The management expects the Russian facility to increase sales by 2-3 times to over EUR 10m. It is going to have a double-digit margin of profit. In the future, the plant will generate EUR 20m of annual sales. 

In 2006, Forte group forecast PLN 450m (EUR 114.7m) of sales and PLN 13m of net income. The latter was revised down in November from PLN 15m due to appreciating zloty which adversely affected the company generating nearly 80 percent of its sales abroad. There were also problems with the wood. Final results are still being counted but Andrzej Korzeb believes that sales forecast has been met while the net income should be close to the plans.

(PLN 1 = EUR 0.255)

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