ComArch Group and ComArch's results are improving

The ComArch Group announced it will record revenues between zł. 240-250 million this year, which is a 20% increase as compared to 2002. "This year we concentrated on increasing revenues and winning contracts. Next year we plan to concentrate on improving profitability," said ComArch's president Janusz Filipiak. For the first three quarters of 2003, its revenues stood at zł. 133 million, while its net loss amounted to zł. 159,000. "We will be in the black by the end of the year," said Filipiak. The size of the profits will depend on how the company will estimate the value of its shares in Cracovia, a second league sports club, 30% of which ComArch took over in October this year for zł. 3 million. "The property alone on which the club is located is worth 7-8 times more than our investment," said Filipiak. ComArch itself will show a 20% increase in net profits this year as compared to 2002, which will amount to between zł. 11-12 million. Filipak is considering a dividend payout. (Parkiet, p. 3) A.K.