Kruszwica records record Q1 net profits

Edible oils producer Kruszwica has reported a record net profit of zł. 10 million for the first quarter, approximately 400% more than in the same period of 2002, sending its shares on Warsaw Stock Exchange up by over 30%. However, at the same time the company's revenues fell against Q1 2002 and the producer sold 3% less of its flagship product "Olej Kujawski" while total sales of oil decreased by 12%. Kruszwica improved its results mainly thanks to heavy cost cutting to zł. 122 million from zł. 130 million in the case of production costs and to zł. 3.9 million from zł. 5.6 million in costs of sales. The company's other revenues totalled zł. 4.2 million against zł. 1.1 million in Q1 2002 bringing total Q1 revenues to zł. 20.8 million against zł. 12.1 million in Q1 2002. (Parkiet, p. 2) J.K.