No profits for TV4 again after paying overdue tax

Polskie Media, owner of television broadcaster TV4, is still in the red after suffering a zł.2 million net loss in the first half of the year. Last year the firm was zł.3 million in the red. "We could have posted a net profit. However zł.1.5 million of the operating profit was eaten by overdue taxes," explained deputy FCO of PM Mariusz Walkiewicz. He added that the current loss is the result of growing expenditures in broadcasting, which are not being offset by growing commercial sales. "Due to our low budgets it is difficult to compete with large companies for viewers and thus firms willing to buy ads," added Walkiewicz. Moreover, the company still owes zł.12 million to more than 240 companies from a settlement procedure that dates back to 1999. The company did not regain profitability despite receiving zł.25 million cash injection from the owner. (Puls Biznesu, pp. 1, 8) M.M.