Good Q1 results for leading tire producers

Tire producer Stomil Olsztyn, controlled by French Michelin, recorded a 23% growth in revenues to zł. 390 million and a 19% net profit increase to zł. 42.2 million in the first quarter. "The company had excellent results, but one should keep in mind these were due to the strong Euro," believes Robert Przytuła, a tire market analyst with the BM BGŻ brokerage. Analysts think that Stomil Olsztyn's competitor, Dębica, is also likely to show good Q1 results. If these expectations are met and the positive trend continues it would mean that 2003 results will be better than those of last year. "I think that Dębica will also have good results. The company has a low level of indebtness and places substantial amount of cash in foreign currency," said Robert Przytuła. (Parkiet, p. 3) M.M.