Policolor to grant dividends

Dye and lacquer producer Policolor Bucharest posted 575bn ROL in turnover in the first nine months this year, quite close to the year-ago levels, and profit worth 55bn ROL, up 22%. The inflation for the same period amounted to some 15%. Company officials say 2004 may be the first year when Policolor distributes dividends. The company logged sales of 239bn ROL ($7m) and 27bn ROL ($0.8m) net profit in the third quarter. However, profit was rather boosted by a restructuring programme, not by the increasing sales. Policolor cut some 40% of the total jobs last year and closed the unit producing synthetic resins, the main material raw for dyes. ZF