Bright Idea dampens Telekomunikacja Polska's revenues

Telekomunikacja Polska (TP) group's revenues in the second quarter were slightly lower than in the first three months at zł.4.6 billion. TP's projections for 2004 assume sales income will rise by 3-5% in comparison to the previous year, when they reached zł.18.27 billion. After the first six months of the year total sales are worth zł.9.2 billion, compared to zł.9.06 billion in 2003. "The results for the second quarter and the first six months are slightly lower than the market expected," said DB Securities analyst Krzysztof Kaczmarczyk. He also highlighted a gradual decrease in revenues from fixed line telephones and from an increase in the number of clients using Idea's pre-paid offer. Kaczmarczyk claims that TP has very little chance of meeting its sales projections for 2004. Meanwhile, France Telecom is planning to buy a 13.57% stake in TP owned by Kulczyk Holding. After the transaction the French investor will control 47.5% shares of the operator. (Parkiet, p. 3, Puls Biznesu, p. 8) A.F.