PHS Q1 figures shows it is rising out of the red

During the first quarter Polskie Huty Stali (PHS) managed to improve its financial figures although it still remained in the red. The company's chairman, Jerzy Podsiadło, remains optimistic and said breaking even in the second quarter was within the company's reach. PHS Q1 revenues were zł. 1.58 billion, almost zł. 110 million up on revenues in the same period of 2002. PHS net loss was zł. 64.5 million against zł. 113.1 million in Q1 2002 and zł. 469.9 million loss in Q4 2002. The company managed to slightly increase its export sales to 39.5% from 35%. "We managed to increase sales and reduce costs. Should other unexpected obstacles not appear we will close the second quarter in the black," said Podsiadło who predicts PHS revenues this year reach zł. 6.5 billion. (Parkiet, p. 6; Rzeczpospolita, p. B4) J.K.