Euro and competition spell near-record loss for Orbis

The first and the fourth quarters of the year are usually unfavorable for the company, but this time the loss was very close to its Q4 2003 record when the firm was down nearly z.19.8 million. However, Orbis group revenues increased over the first three months of the year and amounted to zł.184.8 million, as compared to zł.173.5 in the analogous period of 2003. The company's representatives explain that the poorer results are due to an unfavorable standing of the Euro, growing competitiveness and the gradually less dynamic growth of Polish economy in comparison to 2003. Orbis's hotels generate the largest share in the firm's revenues, but the company has also recorded a growth in the profits from its tourist activity, and transportation. Following the acquisition of two regional PKS bus services Orbis's transport revenues increased from zł.24.7 million to zł.39.3 million. (Parkiet, p. 6) A.F.