ITI profits and liabilities up before initial public offered planned later this year

The television revenues of the ITI Group have increased by 14% to $118.69 million. This increase of revenues, according to the ITI Group, is due to the fact that TVN television has gained a leading position among TV stations with an 18% share, in 2001, of the most attractive group of viewers from cities with over 100,000 inhabitants. The operational profit of the ITI Group, with added amortization (EBIDTA), increased in 2001 to $22.1 million. However losses on entertainment operations and new technology meant that the consolidated operational result of the ITI Group recorded a loss of $4.7 million. Other costs, including $7.4m interest payments resulted that the group had a consolidated net loss of $11.9 million by the end of 2001. This is a drastic decrease in comparison to the $147 million profit for 2000. The company hopes to receive a positive decision from the Warsaw Stock Exchange (WSE) by early May on its plans for an IPO by the end of 2002. However the company did not state a deadline, nor the amount for its public offer. ITI Group assets, which stood at $334.6 million by the end of December 2001, increased last year, while the liabilities have also increased to $201.46 million, including $59.9 million in short term liabilities. (Rzeczpospolita, p. B3; Parkiet, p. 4) P.W.