Agora posts 34% profit, plans hefty media investments

Poland's premier media company Agora S.A. reported a healthy zl.174.4 million net profit over zl.810.7 million revenues and announced it plans to spend up to zl.1.5 billion on investments over the next few years. Earnings increased 34.5% over 1999, while revenues grew 17%. Agora, publisher of the no.1 daily newspaper Gazeta Wyborcza, plans to develop a host of media activities, including press, magazines, television, radio, Internet, and outdoor advertising. Gazeta Wyborcza▓s circulation increased 3.2% last year, while its two main competitors, Super Express and Rzeczpospolita recorded minor drops in sales. Agora president Wanda Rapaczynska said that aside from investing in its Internet projects and local radio stations, the company would be more aggressive in terms of takeovers than it has been until now. Among potential acquisition targets Rapaczynska listed specialist magazines, outdoor advertising firms and television. Last year the company invested zl.11.4 million in its flagship gazeta.pl Internet portal, with a further zl.40 million to be spent this year. Agora will also look to launch health, insurance and e-auction portals. (Gazeta Wyborcza, p.21, Puls Biznesu, p.7, Reuters) T.J.