Hoga.pl revenues soar thanks to move away from on-line advertising

Hoga.pl shares rose by 7.9% yesterday on the Warsaw Stock Exchange. "We are currently profiting from the strategy we implemented 18 months ago," said board member Rafal Stefanowski. It was then that the IT company decided to change its core business from generating revenues from advertisements on its Hoga.pl portal to providing IT solutions for small and medium-sized en terprises, including selling hardware and software. The change has yielded results, as company representatives announced revenues of zl. 8.9 million in 2002, which was 43% more than they had anticipated. Net losses will reach not more than zl. 2 million by the end of the year. "We plan to reach profitability in the second quarter of 2003," said Stefanowski. (Parkiet, p. 2) A.K.