Listed companies post record 2004 results

It is worth stressing that the majority of the profits were posted in H1, while Q3 and Q4 results were slightly worse. The improved results were due to the lower corporate tax rate (CIT) and increasing demand for some of the products and services. However, Q4 turned out well for financial institutions and record high results were announced by almost all banks. Market conditions deteriorated in H2 due to the strengthening of the złoty. The construction sector, electromechanical sector, IT companies and media firms were still nevertheless able to further improve their standings in the second half of the year. In Q4 profits were posted by 185 companies, while losses by 54. The average ROE indicator for these companies increased by 8.8%, which is the best nominal increase since 1999. Companies also managed to improve their liquidity ratios and decrease the value of accounts receivables. (Rzeczpospolita, pp. A1, B1)