Kety posts good profits and looks forward to 2003

Leading aluminum group Kety announced on Tuesday rising profits and robust performance are likely to allow it to double its dividend, slash debts and set aside more funds for expansion. The company, which has weathered the sharp economic slowdown, said in a statement that it wants to pay a dividend of zl. 2 per share next year and cut total liabilities from zl. 130 million to zl. 78.9 million. Last month Kety, quoted on Warsaw's WIG 20 index, raised its 2002 net profit target to zl. 47 million after earning zl. 41 million in January-September. Next year, sales and net earnings are to grow by more than 20%. The company, which has around 10 million shares outstanding, paid zl. 1 per share dividend this year. "Investment next year will reach zl. 29 million," board member Michal Malina told a press conference. On Tuesday afternoon the stock, whose key owners are local pension funds, was down 0.2% at zl. 50.6 per share after hitting its highest level for more than two years in the previous session. (Reuters, Puls Biznesu, p. 9) A.K.