The Telmax-Spin merger brings its first results

The merged companies recorded zł.148 million in revenues last year and saw its net profit at zł.20 million. In 2003 Spin had revenues of zł.102 million, while Telmax had revenues of zł.25 million and closed the year with a loss. "The results are better then expected," read a communiqué issued by the company. The two companies are already merged in organizational terms, and formalities such as operating under the name Spin will be finalized in the first half of this year. Spin also upheld its plan to issue up to 1.2 million shares, 900,000 of which will be aimed at institutional investors and 300,000 at individuals. In this way, the company hopes to raise up to zł.70 million. (Puls Biznesu, pp. 1, 8) A.K.