Ultra Pack back on track for profit after defying poor early results

Ultra Pack, a cardboard and package producer, will expand its production facility and warehouses, after promising second quarter results. The first three months were a difficult period for the company because of high Euro exchange rates that translated into higher prices for materials, but as Ultra Pack's President Ireneusz Kazimierski commented: "In our trade Q2 is harvest time". Managers believe that plans to achieve zł.100 million turnover and a profit of several million złoty in 2004 are still on target. "Our goal is to increase packages production as it is more profitable than cardboard," said Kazimierski. Today packages constitute 25% of the company's production, most of which is exported, the rest is cardboard sold on the domestic market. In 2004 Ultra Pack will invest about zł.12 million, out of which more than zł.2 million will be spent on extending their production facility in Kliniska, near Szczecin. The company plans to debut on the stock exchange in a few years time. (Parkiet, p. 3) D.W.