ITI Group records losses despite improved revenues

Despite the fact that the consolidated revenues of the multimedia holding IT I Group were almost 17% higher in the first half of the year than over the s ame period of 2001, at $80.2 million, the company has recorded substantial l osses. The holding has incurred $38.9 million in net losses in comparison wi th a $3.5 million net profit in 2001. Deputy president of ITI, Bruno Valsang iacomo, gave his assurance that the negative result is mostly due to high fi nancial costs and not to a worsening financial condition of the company. In the second quarter of 2002, the holding wrote off $18.5 million in losses in the market value of shares in SBS Broadcasting and created $7.7 million in r eserves for its initial public offering. "Financial costs in the first half of 2002 amounted to $32.4 million and had a major effect on the result," sum med up Valsangiacomo. He also added that ITI's operational results were posi tive. The TVN Television station, which produces 85% of the Group's income, has increased revenues from $58.1 million to $67.3 million and its advertisi ng market share to 23.8% after the first half of 2002. The company is still planning to enter the WSE, but has not yet specified a date. (Gazeta Wyborcz a, pp. 1, 17) M.M.