Orbis feels the pressure of real market forces

Orbis, the owner of the largest national hotel chain, announced its 2002 net profit fell by 40% to reach zl. 30.9 million, as compared to zl. 51.2 million in 2001. "We think the two main reasons for this are that there are fewer tourists coming to Poland, and secondly there is a growing number of competitors on the market. The battle to win customers is getting tougher," said Orbis director Maciej Grelowski. The company hopes to improve its financial condition this year, but he warns that a lot will depend on a resolution of the Iraqi crisis. Grelowski also announced that the merger with Accor-owned Hekon will be finalized by April. (Parkiet, p. 4; Puls Biznesu, p. 5) A.K.