Polfa Kutno expecting 50% profit growth after deciding to go it alone

Ryszard Wojtkowski, chairman of the supervisory board of Polfa Kutno, has said the company is no longer seeking a strategic investor. The management of the company and its major shareholder, Enterprise Investors, have decided the pharmaceuticals manufacturer can operate without the backing of a foreign partner, and have ended their cooperative arrangement with US adviser Bear, Sterns & Co. In a statement the company said it did not exclude renewing negotiations with potential strategic investors at some time in the future, but not for at least nine months. Polfa Kutno president Janusz Guy predicted the company would see its net profit increase by 50% on average over the next four years, accompanied by 20% annual growth of revenues. The company expects a net profit of zl.23 million this year, following the zl.17 million it made in 2001. (Prawo i Gospodarka, pp. 1, 4) P.W.