Krosno SA, the Warsaw exchange-listed glassworks plans to invest PLN 100 million Polish (USD 26.9 million/EUR 23 million) to raise the production capacity of its plants in Krosno, Tarnow and Jaslo, so…
Krosno SA, the Warsaw exchange-listed glassworks plans to invest PLN 100 million Polish (USD 26.9 million/EUR 23 million) to raise the production capacity of its plants in Krosno, Tarnow and Jaslo, southeastern Poland, by 2005, according to company CEO Jan Kurkus. The company reported a PLN 8.0 million (USD 2.2 million/EUR 1.8 million) consolidated net profit on revenue of PLN 316 million (USD 85 million/EUR 73 million) for 2002. For 2003, Krosno expects a similar consolidated net profit and a better than 10% increase. Krosno, which exports 70% of its production, set up companies in U.S. and Russia with the aim of facilitating sales abroad. The company now has two distribution centres in Poland and plans to open another four by the end of 2003. The company intends to continue its policy of using 50% of its net profit for dividend payment and 50% for the company“s development. Krosno shareholders are set to approve the company“s plan of paying a per share dividend of PLN 2.5 (USD 0.67/EUR 0.58) for 2002 at the general meeting scheduled for 21 May 2003. Krosno specialises in handmade and machine made household glassware. The company is the only Polish manufacturer of fiberglass and technical glass such as soda and borosilicate glass tubes.