Polish-based glassmaker Huta Szkla Gospodarczego Irena SA is expecting that its 1996 net profit will rise by 27% to Zl 9 million, as a result of last year“s heavy investment and a shift in production…
Polish-based glassmaker Huta Szkla Gospodarczego Irena SA is expecting that its 1996 net profit will rise by 27% to Zl 9 million, as a result of last year“s heavy investment and a shift in production profile. “Last year“s investments in a crystal glass press and a new furnace should result in higher profits this year,” stated Boleslaw Felczak, Irena“s chief executive. Felczak also said that Irena, which has been mainly producing crystal glass, was shifting its production to borosilicate glass. He said the company planned to spend Zl 9 million this year on a new borosilicate glass production line due to become operative by May 1997. However, net profit for the first three months of 1996 fell to Zl 1.39 million, down 42% on the respective period last year and sales were down slightly to Zl 12.35 million from Zl 13.06 million. Currently, crystal glass accounts for 80% of Irena“s production and the company, based in the Western Polish town of Inowroclaw, exports 68% of its output, mainly to the US, the UK and Japan.