3rd quarter foreign exchange losses land TPSA in the red

Telekomunikacja Polska (TPSA), Poland's dominant telecoms operator, recorded a net loss of zl.215 million in the third quarter of 2001, based on revenues of zl.4.35 billion. In a statement TPSA explained the negative result was caused by foreign exchange losses, which amounted to zl.809 million in the July to September period. The figures were compiled in accordance with International Accounting Standards (IAS). However, according to Polish accounting standards, which do not take foreign exchange losses into consideration, TPSA recorded a net profit of zl.248.5 million in the third quarter, based on revenues of zl.4.43 billion. TPSA is due to release its unconsolidated fourth quarter figures, compiled in accordance with Polish accounting standards, on February 14. (Puls Biznesu, p. 4; Reuters) A.K.