Short circuit

Elektrim SA has been weathering a difficult storm of late, with a number of arbitration proceedings taking their toll on its stock price. However, net sales earnings decreased only slightly, from zł.881.2 million at the end of 2004 to zł.740.5 million this year. Operational profit increased from a loss of zł.38.8 million to a surplus of zł.54.7 million after the six months of 2005.

Here, however, the good news ends. Both gross and net profits plummeted respectively from zł.721.8 million and zł.730.4 million in H1 2004, to losses of zł.763.9 and zł.773.1 million in the same period of 2005. The net operational cashflow level increased to zł.82.7 million (from zł.54.6 million in 2004) but the net investment cashflow level slumped to zł.-132.9 million. Assets decreased slightly from zł.6.105 billion to zł.5.698 billion and the firm's obligations level slightly surpassed zł.5 billion.

The number of shares in the company remained the same but the book value of a single share dropped from a profitable zł.3.83 at the end of last year to a loss of zł.3.78 in the first half of 2005.