Polskie Huty Stali in the black - at last!

Polskie Huty Stali (PHS) steel mills group has reported a zł 12.1 million profit in May, thus entering the black for the first time since its foundation. After five months of 2003, however, PHS's total loss was zł. 70.8 million at revenues of zł. 2.8 billion, against zł. 259 million loss and zł. 2.5 billion in revenues for the same period in 2002. According to the chairman of PHS, Jerzy Podsiadło, the group will improve its figures over the rest of the year, but it is hindered by heavy zł. 4.7 billion liabilities, of which zł. 3.9 billion comprise short term debts. Despite the clear rebound, the group's board of directors is afraid that its creditors may now flock in to demand that all debts be repaid, and is also anxious about the Treasury Ministry dragging its feet in choosing the investor for the group, bringing its further existence in question. (Puls Biznesu, p. 5) J.K