Orbis expects return to profits through economic upturn

Dominant leisure group Orbis said yesterday it expected a substantial profit rise in 2003 thanks to the expected economic rebound after its net income plummeted nearly 40% last year. Orbis, which runs 56 hotels, suffered badly in the last two years as the economic slowdown forced corporate clients to slash spending on business travel, the company's main source of income. In the coming months Orbis, controlled by France's Accor, wants to complete a takeover of the French investor's wholly-owned local operators, paying cash for its group of 17 mid-range hotels. Orbis' chief executive Maciej Grelowski would not reveal the value of the new hotels, which analysts estimate at a combined zl. 300 million ($77.12 million). Last year, Orbis's unconsolidated net earnings were zl. 31 million, down 39% from 2001, while revenues dropped 10% to zl. 608 million. (Reuters) J.K.