Telefonia Dialog breaks into the black

Independent telecom operator Telefonia Dialog (TD), owned by copper miner KGHM, for the first time in its history did not the finish a quarter in the red, and managed to post net profits of zł. 8 million in Q1 2003. "The company should also be in the black in remaining quarters," said KGHM president Stanisław Speczik. TD wants to write off its telecom license expenses of zł. 523 million, which might be done through transferring those liabilities into investments, which a new law allows it to do. "Once we learn the full details of the new regulations we will be able to say whether a program of debt restructuring will be possible," Speczik said. Puls Biznesu previously ran news that KGHM planned to transform zł. 1 billion of TD's debt into shares after its license expenditures were written off. (Puls Biznesu, p. 3) M.M.