Elektrim records zł. 168.5 million Q1 loss

Elektrim recorded a zł. 168.5 million net loss in the first quarter of 2003 attributed mainly to the creation of reserves due to the increasing Euro exchange rate. Company revenues are dropping from quarter to quarter and stood at zł. 12.7 milllion after the first three months of 2003, 34% lower than over the same period last year. The company is cutting costs, however, and due to this the operating loss dropped to zł. 5.6 million against zł. 18.2 million last year. Elektrim hopes to receive about euro 28 million through Elektrim Telekomunikacja's disposal of stakes in cable operators. In June the firm will have to pay another installment of euro 32 million to its bondholders but, even if power plant ZE PAK fails to pay back its debt of the same amount, Elektrim should not have problems finding the money for the transaction. (Rzeczpospolita, p. B5) M.M.