Eurofaktor, Poland's fifth-largest factoring firm plans to float over 2.4 million shares. At the same time the company's management, following a study of its current financial standing, decided to increase its projected profit as of the end of the year from zі.4.3 million to zі.5.1 million. Despite the fact that Eurofaktor has managed to raise only zі.36 million from the issue as compared to the anticipated zі.50 million, it upheld its projected results for 2005 and 2006, when the company hopes to generate zі.8.3 million and zі.10.4 million in net profits respectively.
Company increased its 2004 standalone net profit forecast to PLN 5.1 m, from the previous target of PLN 4.3 m, on expectations of higher turnover, Eurofaktor Vice-President Miroslaw Nowicki said.
