In Brief 2: Telmax posts a loss; Travelplanet.pl; OFE's

Telmax an IT company finally announced that it made a zł.2.05 million net loss, against an anticipated zł.900,000 million profit. The difference was the effect of write-offs for dropping value of software R&D projects amounting to zł.3.05 million and for real-estate of zł.350,000. Telmax announced it will invest zł.15 million in 2004, against zł.4.3 million spent a year earlier. (Parkiet, p. 3) ... The MCI fund sold a 25% stake in Travelplanet.pl for zł.5.8 million to financial institutions and individuals who paid zł.135 per share. MCI orginally bought them for zł.10 each and the current move is the first step towards floating the portal on the WSE. (Puls Biznesu, p. 13) ... At the end of May, the majority of the 16 open pension funds (OFE) celebrated five-years of existence. During that period they managed to post an average rate of return amounting to 79.88%. In comparison, the best among the stable growth investment funds, CitiSenior, managed to post a 63.2% return. "The consolidation process among the OFEs should be completed within two to three years leaving about ten players on the market," said Marek Jandziński, president of PTE Dom. (Puls Biznesu, pp. 1, 10) M.M.