Elektrim doubles its estimated losses for last year

The Elektrim group, the telecoms-to-power conglomerate, yesterday announced that its audited 2001 net loss stood at zl. 488 million, more than double initial estimates of zl. 200.5 million. The company, which is currently negotiating a debt restructuring deal to stave off bankruptcy, said that the difference included about zl. 188 million of provisions at the unconsolidated level for overdue liabilities, future costs and guarantees. Arthur Andersen, the company's auditor, decided not to issue an opinion on Elektrim's financial statements, as they have already prompted a number of complaints. According to analysts, this will not influence the share price of the company on the Warsaw Stock Exchange (WSE). "It is a natural consequence of the auditor's earlier position, when they decided to toughen their approach to clients' reports," said one analysts quoted by Rzeczpospolita. (Reuters; Rzeczpospolita, p. B4) A.K.