Agora's Q3 results - Gazeta Wyborcza takes battering

Media giant Agora has published its third quarter financial results, and these turned out poorer than expected by most market analysts. This confirmed fears that this will be the worst financial year since the company entered the bourse. In the third quarter Agora recorded revenues of zł. 193.7 million, according to International Accounting Standards, which is 11.9% more than during the same period last year. The increase in sales stems from recent purchases, which included magazines, radio stations and advertising company, AMS. Revenues from its core business, publishing Gazeta Wyborcza, fell by 2%. Average sales of its flagship daily were down 2.6% compared to a year earlier. Company representatives tried to paint a less gloomy picture by stating that the market share of the paper increased by 3% to reach 45.7%. Agora also posted an operational loss of zł. 5.1 million and a net loss of zł. 5.9 million. The main reason for these results was the ailing advertising market, increased competition and the falling value of the złoty. (Parkiet, p. 5; Puls Biznesu, p. 11) A.K.