Polish Post Office promises record high profits in 2005

Poland’s national Post Office (Poczta Polska) promises to reach a record high pre-tax profit in 2005, and awaits a parliamentary decision on its plans to go public. After first nine months of the year the company had made a pre-tax profit of ZL500m. “Profit for the three quarters reached a historic high, and was five times higher than in the same period last year,” said Poczta Polska president Tadeusz Bartkowiak. The company has a long-term goal of being floated on the Warsaw Stock Exchange, but is currently focusing on a conversion from the special status of a public-service firm to a commercial legal entity. For the process to be completed first a decision by the Transportation and Construction Minister is necessary, then a change in the regulations by parliament. “I believe there is no other way for us,” said Bartkowiak, who sees a possible end to the process in 2006, if the ministers act swiftly.