FSO shows profit once more thanks to disappearing debt

According to Wojciech Janczyk, the chairman of the company's supervisory board, FSO posted a net profit of zł.250 million on revenues of zł.1 billion in 2004. However this result is purely theoretical. "Such a result is only the effect of writing off numerous liabilities, such as the consequence of the purchase of FSO's liabilities to banks by AvtoZAZ," said Janczyk. He went on to say that the result of signing additional agreements with smaller creditors will be beneficial to this year's results. This is because the agreements, worth a total of almost zł.200 million, have still yet to be financially accounted for. The official results are to be accepted by the general shareholders meeting planned for August 25. The meeting will also decide what the profits will be spent on. (Puls Biznesu, pp. 1, 6) A.K.