Agora third-quarter profits down due to new investment

Publisher Agora's third quarter net profit of zl. 29,7 million was down from the zl. 35.1 million recorded in the same period last year, while revenue jumped from zl. 160.8 million to zl. 184.9 million year-on-year. According to Andrzej Szymanski from brokerage firm DM BIG BG, this year's lower net profit was due to the cost of opening new printing plants and establishing an Internet portal. "This quarter 's results were not typical, but that is what we had estimated. The cost of the Internet project after three quarters was zl. 5.8 million. The lower profit is the result of September's promotion costs due to development of the local markets," said Agora head Wanda Rapaczynski. However, since Agora's net profit in the first three quarters this year was more than zl. 127.4 million, 32.2% higher than last year, analysts estimate that by the end of the year net profit should reach zl. 170 million. An Erste analyst described the Agora shares as "higher than the market" and estimated a price level of zl. 104 per share. (Prawo i Gospodarka, Nov.4-5, pp.9)