Kęty increases 2003 targets following sturdy first-quarter

Top aluminum producer Grupa Kęty yesterday announced that it might revise its net profit target for 2003 following a robust first quarter, sending its shares soaring to close at a six-year high. According to Kęty's Chief Executive Jan Kryjak, the company's restructuring and competitive product mix helped it ride out the economic slowdown. The firm is now seeking potential acquisitions at home and abroad and wants to increase its export sales this year. Earlier, Kęty said that first-quarter net profits jumped 43% to zł. 15 million ($4 million) having previously announced a full-year target of zł. 57 million. Group revenues in Q1 reached zł. 167 million, a quarter of which came from export sales. For the whole year the firm plans revenues at zł. 630 million. In 2002, Kęty earned zł. 48 million on sales to the value of zł. 623 million. This year it may spend as much as zł. 300 million on investments. (Puls Biznesu, p. 10; Parkiet, p. 4; Reuters) J.K.