PKP refuses to publish its Q3 result

Analysts say this might be due to the troubles of one of PKP's subsidiaries, while not specifying which entity that could be, but pointing to Cargo. "At a point when the company is in negotiations to buy a German carrier (RBH), revealing negative data would seriously undermine its negotiating position," said Henryk Klimkiewicz, president of the Railway Business Forum advisors team. What is known about Cargo is that it is unable to regain about zł.170-180 million from its debtors. That sum should have been deducted from PKP's financial results a long time ago, but it has not been. The company's spokesman Janusz Mincewicz assured that after three quarters of 2004, Cargo posted a net profit of zł.82.2 million, zł.4 million more than in the analogous period of 2003. However, the problems might as well have been caused by another PKP subsidiary Przewozy Regionalne, as according to one member of PKP's supervisory board, it lost as much as zł.1.1 billion. (Parkiet, p. 1) D.W.