Inter Cars Q3 result dented by IT investment outlays

The company posted a net profit of zł.3.1 million (compared to zł.2.6 million in Q3 of 2003). These results, however, are not that good if compared to Inter Cars' Q2 results, when its revenues were zł.163.9 million and the net profit was zł.6.3 million. "To a certain extent the slump in net profit was caused by spending a large sum on our IT network connected with launching our subsidiary in the Czech Republic," said Piotr Kraska, Inter Cars management advisor. The company is currently extending its car distribution network in Poland, although less dynamically than in previous quarters. It opened two new branches, which meant in September it had a total of 43 outlets. The value of the company's sales has not changed though, because of the zloty's strong position against euro. The company predicts that its 2004 annual revenues will rise from zł.446.5 million in 2003 to around zł.600 million this year, and its net profit should also be higher than the expected zł.17.6 million. (Parkiet, p. 4) D.W.