W.Kruk ends a hard year with disappointing results

Luxury goods producer W. Kruk, which debuted on the Warsaw Stock Exchange l ast year, was hit by the economic slowdown as reflected in its 2002 financi al results which fell greatly short of predictions. The company's net profit was a mere zl. 42,000 against a projected zl. 900,000. "The figures came in below expectations as good figures posted by W. Kruk group members - jeweler W. Kruk and clothing stores Deni Cler were spoiled by zl. 1.6 million loss generated by jewelry producer Rytosztuka," explained W.Kruk's chairman Jan Rosochowicz. Rytosztuka is currently undergoing deep restructuring and hopes to post a 2003 profit of zl. 200,000. According to Rosochowicz, W.Kruk's net profits this year should be double those of 2002 and reach around zl.1.4 m illion, while Deni Cler should rake in about zl. 1.5 million, giving a comb ined group profit of zl. 2.9 million. (Puls Biznesu, p. 8; Parkiet, p. 4) J .K.