TPSA unlikely to meet forecast revenues for 2004

In the third quarter of 2003, the consolidated revenues of telecom company TPSA have disappointed the expectations of the market and amount to zł. 4.56 billion as opposed to zł. 4. 58 billion in the same period in 2002. Analysts polled by Reuters estimated the revenues to be around zł. 4. 64 billion. "The market expected an increase in revenues, whereas we have been surprised by a drop. In my opinion, it may now be difficult for the operator to meet revenues forecasted for the end of 2004. It is very grim news for TPSA and I think that tomorrow its share prices are likely to fall" said DB Securities analyst Krzysztof Kaczmarczyk, who claims that TPSA's poor performance is the result of a decrease in the volume of long distance calls coupled with a reduction of tariffs for international and mobile connections. In the January-September period, TPSA revenues dropped to zł. 10.77 billion from zł. 11. 274 billion the previous year. (Parkiet. p. 4) A.Z.