Agora expected to report return to profits for Q4, 2002

Top media group Agora is likely to have returned to the black in the fourth quarter of 2002, but full-year results probably worsened as the weak economy continued to squeeze advertising budgets, analysts said. On average, they forecast Agora's consolidated net profit at zl. 10.4 million for the October-December period and at zl. 60.8 million for 2002, based on International Accounting Standards (IAS). Agora reports next Monday amid intense scrutiny over the role of its flagship daily Gazeta Wyborcza in allegations that the firm was the target of a $17.5 million attempt to solicit a bribe in return for changes to a media bill. "For investors, the quicker the affair ends, the better. If it continues to run for months and months, then sentiment surrounding Agora could sour," said Marcin Wroblewski, analyst at BZ WBK brokerage in Warsaw. The 2002 figures include the results of a recently acquired colour magazines business, outdoor advertising firm Art Marketing Syndicate (AMS) and some local radio stations, which analysts say will boost Agora's revenues but might depress its bottom line. (Reuters) A.K.