PHS 2002 result show improvement on 2001, but still a long way to go

On Thursday, Polish Steel Mills (PHS) published its 2002 results which reveal it made a net loss of zl. 691 million. This can be interpreted as a positive result if compared to 2001 when it made a loss of zl. 1.13 billion. PHS's losses on sales also fell by zl. 206 million and stood at zl. 338 million. The latter result reveals more about the concern's actual financial situation than its net losses which are largely due to its debts. At the end of 2002 the indebtedness of PHS amounted to zl. 4.8 billion. Representatives from PHS told the Polish Press Agency that the improvement in the concern's results should be attributed to the consolidation of the mills in a holding in the first half of 2002 and later on into a concern. (www.rmf.pl) K.Z.