Jupiter's profits less than stellar

Jupiter's situation after the release of its H1 report is unclear for investors. On the one hand the company increased its revenues and cut its obligations by more than 100 percent. However, some figures point to instability within the firm's operations.

Revenues climbed from zł.37.4 million at the end of 2004 to zł.42.4 million in the first half of 2005, while obligations dropped from zł.157.9 million to zł.47.9 million over the same period. However, profits before tax drifted further into the red, and after the first six months of the year the firm was running a loss of zł.10.3 million. At the end of 2004, Jupiter reported a loss of zł.8.4 million.

The total number of Jupiter's shares plummeted from 52,000 to 26,000. Its net cashflow level also decreased rapidly, and was at zł.-131.4 million, a huge drop on 2004's figure of zł.-5.8 million.

Jupiter NFI SA was created in 2000 when it took over the Ninth Polish National Investment Fund. The company says it controls the largest amount of net assets among all Polish investment funds and its main interest is in the primary market, on which the company buys and sells shares, futures and other contracts.