Mieszko has hard first quarter

In Q1 2003, Mieszko recorded the lowest results among listed confectionary producers in terms of revenues, operational profits and net results. This must have been the motivation behind a CA IB Investment Management decision to diminish its engagement in the company to around 4%. It is probable that they will proceed with a sell-off of shares, prices of which have dropped by almost 15% since mid-April. "If a shareholder decides to sell his stake because of the company's unsatisfactory results and does not want to wait for the situation to improve, I can accept that," said Mieszko's President, Tomasz Gajdziński. "Our company is to invest over zł. 40 million in technology and new product development this year. This will allow us to double our revenues in the future and to reduce production costs," he added. He declined however to forecast this year's results. "There are too many market influences which are beyond the management's control," he explained. (Parkiet, p. 4) K.Ż.