Mixed fortunes for Grupa Tele-Fonika

Grupa Tele-Fonika, which control over 50% of domestic cable production and controlled by Bogusław Cupiał, had a unaudited operating profit of zł. 100 million in 2002. The holding's parent company Tele-Fonika KFK closed last year with a net loss, but Tele-Fonika Kable, formerly known as Elektrim Kable, was in the black. KFK losses were in part due to the high exchange rate, but the result of the whole group was substantially worsened by the 300-day blockade of its Ożarów plant. According to company estimates the strike cost it zł. 30 million and the loss of several customers who did not receive their orders on time. However, the biggest impact on its results was the economic slowdown, which was behind a revenues drop of 14% in comparison to 2001. Growing exports, which exceeded zł. 1 billion in 2002, saved Tele-Fonika's revenues. (Gazeta Wyborcza, Gospodarka supplement, p. 3) M.M.