Forte beats strong zloty, changes export markets and posts good 2002 profit

Last year domestic furniture producer Forte recorded zl. 7.5 million net profits on revenues of zl. 266.2 million, which is a far better result than in 2001 when the company posted a net loss of zl. 9 million on similar revenues. "The consolidated result of the whole group is likely to be higher than forecasted," said Forte management board member Andrzej Korzeb. According to him, the negative result in 2001 was mainly due to the strengthening of the zloty. "We changed our offer and eliminated many unfavourable contracts," Korzeb explained. In 2002, Forte has also decided to limit exports to Germany and increase sales to, among others, Austria, Bulgaria, Czech Republic and Slovakia. The company is not likely to pay out dividends and spent several millions zloty on investments. (Rzeczpospolita, p. B4) M.M.