Teta over the worst and now looking to foreign sales

Teta, one of the largest domestic providers of management support software (Enterprise Resource Planning), plans to acquire 10% of its sales from Hungary and the Czech Republic in 2004. In the first half of 2003, Teta's sales revenues amounted to zł. 15 million, while its net profit to zł. 1.8 million. By the end of the year, these figures should increase to zł. 30 million and zł. 3.1 million respectively. "It is a very cautious forecast and I do not exclude the possibility of further improving the results," said Teta president Jerzy Krawczyk. Our 2003 profit level should amount to 15%. This is a result of our restructuring and 50 redundancies. "Despite this move, our annual sales increased by 6% over the first half of the year," said Krawczyk. The firm will concentrate on organic growth rather than acquisitions. (Parkiet, p. 4) M.M.