Budimex plans to return to profit in 2003 or cut staff

The Budimex group plans to generate a net profit this year, as opposed to the zl. 38.6 million net loss after the four quarters of 2002, said the company's president, Marek Michalowski, yesterday. He added that revenues from sales should amount to approximately zl. 2.5 billion. To compare, at the end of last year the consolidated profit from sales stood at zl. 2.44 billion. Michalowski stressed that if Budimex's plans do not come to f ruition the company may reduce the number of staff from the current 5,500. "This year will see a decrease in revenues in the construction sector. According to my estimations, the decrease may equal 5%-10%. It is difficult to expect any improvement in the sector without an economic revival," said Michalowski. He added that Budimex and its Spanish strategic investor Ferrovial are considering the take-over of a company from the Czech Republic or Romania, but gave no further details. (www.onet.pl) A.Z.