The Polish glassmaker Krosno SA expects its 1997 net profit to stay flat at Zl 10.1 million because of a deteriorating economic climate for exporters, the company said in a statement last Thursday.
…
The Polish glassmaker Krosno SA expects its 1997 net profit to stay flat at Zl 10.1 million because of a deteriorating economic climate for exporters, the company said in a statement last Thursday. Krosno said an increase in profits would be unlikely despite an expected increase of sales to Zl 213 million from 179.7 million in 1996. The inflation-driven growth of costs was seen at 15% in the overall economy and at between 18% and 20% for some raw materials, while zloty devaluation against a basket of foreign currencies was forecast at 5%. “The pace of zloty devaluation is not fast enough to make up for the growth of domestic prices (of raw materials). With 50% of export, such a policy…is a barrier for further intensive growth of the company,” Krosno said. Krosno said it did not plan to lower its exports because of low demand of the domestic market for its products.