Polkomtel announces good profits for first quarter

Polkomtel, owner of the Plus GSM mobile phone network, reported zl. 188.4 million net profits for the first quarter of 2002. This is two times higher than in the same period of 2001 while operating profits tripled to zl. 300 million and income increased by 17.6% to zl. 1.12 billion. These good results stem from a 37.5% increase in the total number of users to 3.63 million by the end of the first quarter, as well as due to the growing use of data and SMS transmissions. Polkomtel's total debt grew over the year by less than 2% to zl. 2.03 billion. The company will probably run up further debts because it is preparing to invest in UMTS technology. Polkomtel is considering an issue of bonds, as well as taking bank credits, but is not going to raise company capital. In the first quarter of 2002 the company invested zl. 185.5 million, 30% more than in the same period last year. Its biggest shareholders are KGHM Polska Miedz, PKN Orlen, TDC and Vodafone who hold 19.61% of Polkomtel's shares. (Prawo i Gospodarka, p. 3; Puls Biznesu, pp. 1, 3) A.D.