Stomil-Olsztyn announces fourfold increase in 2002 profits

On Thursday shares in Stomil-Olsztyn, a leading tyre manufacturer belonging to Michelin, hit their highest level since 1997 (zl. 41) after the company announced a fourfold increase in 2002 net profits. Strong results from Stomil also boosted the stock of its main local rival Debica, which reported fourth-quarter figures after the market closed on Thursday. "Stomil results encouraged institutional investors to buy the stock, and that also had an impact on Debica," said a trader at a Warsaw-based foreign brokerage. According to analysts, tyre producers are reaping the benefits of restructuring and cost-cutting. The good figures contrast to falling car sales. (Reuters) M.M.