PKN Orlen posts bumper 2003 profit

The oil giant had a consolidated net profit of zł 1.04 billion on revenues of zł.24.4 billion, which was in line with the company's projections. This stands in contrast to its 2002 profit of zł.479 million on revenues of zł.16.9 billion. The good results stem from higher oil prices and cost reductions. Orlen's president, Zbigniew Wróbel, estimates that this year's result may not be as good as in 2003, but it will not be much worse. He believes that if his company manages to sell its 19.6% stake in Polkomtel, its 2004 profit would be about zł.2.5 billion. Orlen intends to spend some of the profits on company development, fusions and take overs, as well as devote zł.200 million on paying out dividends. (Parkiet, p. 3) A.F.