BRE Bank shares fall following profit warning

Following this announcement the company's share price fell by 4.2%. The president added that this result means that the overall financial standing will also be significantly below market expectations, however he declined to reveal whether analyst's fear of BRE's overall net loss for 2004 is realistic. The net loss for the Q4 2003 amounted to zł.64 million, but the company managed to show a net profit by the end of the year at zł.5.5 million. Lachowski mentioned that the bank is continuing to clear its assets portfolio, with the aim of getting rid of the stakes in companies which do not bring a synergy effect and which will not result in a 20% profitability rate within 3-5 years. The first such company to be disposed of is PTE Skarbiec Emerytura, with a book value of zł.540 million. (Puls Biznesu, December 24-26, p. 4) A.K.