Lowered TPSA revenue forecast proves pessimists right

Yesterday's release of Telekomunikacja Polska (TPSA)'s forecasts for this year confirmed the conservative forecasts of Raiffeisen Bank (RZB), which had contradicted the optimistic estimates of other banks and earlier predictions by TPSA itself. In January RZB analyst Bob Creamer gave TPSA shares a "sell" rating after determining this year's profits to be much lower than the expected net profit of zl. 1.5 billion. In the November report, Creamer forecast that TPSA would earn zl. 4 million in net profit this year, and would bear losses in 2002 and 2003 of zl. 586 million and zl. 420 million respectively. TPSA claims its consolidated profit in 2002 will amount to zl. 975 million. Creamer blames TPSA's significantly lower income in the coming years mainly on stagnant or even slumping revenues from non-cellular telephony. (Rzeczpospolita, p. B4), M.T.