JSW post zł. 896 million profit thanks to debt write-off

Thanks to this operation, the firm has posted a zł. 896.5 million net profit. "Without the write-off we would have posted a profit of zł. 17.6 million," added Jarno. In 2003, the prices of coking coal and coke went up and thanks to this, the enterprise earned zł. 191.3 million on sales against a mere zł. 14.8 million in 2002. For many years JSW did not receive payments for coal supplied to state-owned ZK Przyjaźń, who owes JSW zł. 386 million. In mid 2003 JSW created a company called Koksownia Przyjaźń (KP), into which on December 31, the Treasury transferred the shares of ZK Przyjaźń. "In February we will transform its debts into KP shares," explained Jarno. (Puls Biznesu, pp. 1, 7) M.M.