4 June 1998: Polish glassmaker, Irena SA, may lower its 1998 profit forecast after it made only 4.8% of its forecasted Zl 9.9 million net profit in the first four months the year, chief financial offi…
4 June 1998: Polish glassmaker, Irena SA, may lower its 1998 profit forecast after it made only 4.8% of its forecasted Zl 9.9 million net profit in the first four months the year, chief financial officer Stanislaw Pieciukiewicz said recently. “Our representatives are now in the US and Great Britain. These are our most important markets. After their return, we will make a decision about possible changes to our profit forecast,” he said. He said a decision could be made at the end of May or beginning of June. Irena, which exports about 70% of its production, suffered from a strong zloty and the crisis in Asia, which limited orders from that area, reports say. Pieciukiewicz said the company also started up a new crystal glass furnace in March and expected some time to pass before the investment began making returns.