Adam Piela, CFO of Kety, stated on Friday in a short interview for PAP, stated the lower duty for imported aluminium could increase company’s 2007 EBIT by some PLN 3m and net profit by some PLN 2.5m. The company has given its estimations after it turned out that the lower duty, which came effective since May, has not caused the suppliers to increase the prices, which was the risk factor. According to Adam Piela, this is not going to trigger the company to increase its annual guidance, however he stated that net earnings in 2007 should exceed PLN 100m. As far as acquisitions are concerned he reiterated that Kety is involved in few projects, which are long term processes and nothing is expected to come out within the next 3 months.
Our view: The estimations given by the CEO are in line with our expectations. Our net profit forecast of PLN 104.2m is 6.3% above management forecast of PLN 98m. The news out during the session on Friday was rather ignored by the market.