TPSA cautious over announcing 2004 budget forecast

The basic goals of telecom giant TPSA for 2004 are to conclude its res tructuring processes and to substantially cut costs within the group. Next week the supervisory board of the firm will familiarize itself with the coming year's budget. TPSA president Marek Józefiak cautiously said that the exact financial goals would be revealed after its Q4 2003 results had been announced. He refused to reveal whether by the end of 2004, 6,000 employees would be laid-off as part of the restructuring program. This year the company sacked 5,000 and currently has a staff around 36,000 strong. N evertheless, Józefiak pointed out that he expects that the enterprise might budget as much as zł. 4 billion for investments. (Parkiet, p. 2) M.M.