TPSA's 2001 profit comes in well below expectations

Telecoms giant Telekomunikacja Polska (TPSA) reported a consolidated net profit of zl.183 million for 2001, a result far below analysts' expectations. The disappointing 86% decline in net profit from 2000 was largely a result of the zl.642 million net loss recorded by TPSA in the fourth quarter. Another major contributing factor was the poor performance by mobile telecoms subsidiary PTK Centertel, which lost zl.330 million in the whole year. TPSA's revenues in 2001, at zl.17.3 billion, were more or less in line with expectations. Despite an increase in prices, revenues from local calls fell by 1% in comparison to 2000. (Rzeczpospolita, Mar. 2-3, p. B3) T.J.