Orbis posts stagnant 2004 results

Its revenues were zł.578.1 million, which is zł.3 million higher than in 2003. The profit could have been higher if not for the loss that the company faced in Q4 2004 - zł.15.6 million. That was mainly due to a general slump in tourism in that period as the revenues for Q4 were zł.124 million, against zł.133 million in 2003. Orbis representatives explained that lower revenues were also due to the strengthening of the złoty as many foreign visitors pay in Euros. The company counts on growing numbers of foreign tourists this year, attracted by low cost of tickets offered by budget airlines. It plans to expand its chain of Etap budget hotels. "We will continue our organizational changes as well as changes in the sales system that give us a chance to retain that positive tendency," said Krzysztof Gerula, Orbis deputy president. (Parkiet, p. 6) D.W.