TPSA posts losses for fourth quarter in 2003

The company finished the year with zł.911.5 million in earnings, which means an increase of 8.5%. However, taking into account international accounting standards the firm had profits of zł.11 million in Q4 and closed the year with earnings of zł.960 million. The total value of created reserves amounted to zł.480 million, out of which zł.250 million was spent on the revaluation of real estate belonging to the group, while zł.230 million stemmed from laying off employees. (Puls Biznesu, pp. 1, 8) M.M.