Cyfrowy Polsat Q4 profit to take PLN 144 mln hit

WSE-listed media group Cyfrowy Polsat will have its Q4 net profit hit with PLN 144 million in due to an increase of the value of deferred income tax liabilities following a change in corporate income tax regulations, the company said in a market filing. Moreover, the company received some bad news from the tax authorities as it ordered Polsat to pay additional PLN 24.2 million plus interests on its tax from 2012. The company might face additional PLN 35 million plus interests in back taxes from 2013 and 2014, as the authorities are investigating these years as well. Polsat said that he will appeal against the decisions. “If an unfavorable and, in the opinion of the company, incorrect interpretation of tax regulations relating to the disputed matter is upheld, additional tax liabilities of the company in that respect might amount to some PLN 35 million increased by interest on tax arrears,” Cyfrowy Polsat said.