Fair portion of Agora's profits come from its subsidiaries

Agora's subsidiaries contributed zł. 19.4 million in dividends to the company in 2002, seven times as much as in 2001. However, this in turn is unlikely to prompt the publisher to share its profit with its shareholders as the company forecasts that its revenues in 2003 will increase by 10%, but profits will be lower due to planned zł. 76.5 million investments. Agora's revised net profit in 2002 was zł. 52.4 million, of which 20% came as dividends from its subsidiaries - Agora Poligrafia (zł. 14.2 million), IM 40 radio station (zł. 2.4 million) and Karolina radio station (zł. 2.8 mi llion). The company predicts that its net result for 2003 will be lower by zł. 10.3 million due to investments and AMS group net loss. The publisher says it is going to scrupulously monitor its operational costs, vulnerable to foreign currency exchange rates and has again frozen salaries to reduce labor cost. (Parkiet, p. 4) J.K.