PKE puts good annual profit down to financial discipline

Poludniowy Koncern Energetyczny (PKE) increased its net profit to zl. 68.8 million in 2002 against zl. 60.7 million in 2001. However, in January the Treasury Ministry announced that PKE would not debut on the WSE earlier than 2004. Prior to the floatation the concern will be consolidated and enlarged by several other energy sector companies. PKE last year's revenues topped zl. 3.5 billion against zl. 3.4 billion in 2001 and its 2002 gross profit rose to over zl 117.6 million as compared to zl. 106.4 million in 2001. "We recorded a better profit despite the recession and excise duty. This is a result of better financial discipline and consolidation. We are making savings on the purchase of materials, resources and services. PKE representatives would not comment on the planned privatization of the consortium, saying that such decision belongs to the Treasury. (Parkiet, Feb. 22-24, p. 6) J.K.