TVN's poor Q3 figures surprise analysts

"The result mainly stems from costs related to the plan of options and growing financial costs," said Karen Burgess, deputy president of TVN. Net Q3 earnings exactly matched the most pessimistic analysts forecasts. In turn the company increased revenues to reach zl.215 million, which is 24% more than a year earlier. This growth was influenced by Grupa Onet, which was consolidated by TVN since August.The broadcaster announced that Q4 revenues will be higher than the initial figures anticipated by the management board, but for the time being it upheld earlier annual forecasts envisaging revenues growth of 29-32%. At the same time the company will designate zl.105-115 million for investments, which is zl.25-35 million less than earlier planned. (Puls Biznesu, pp. 1,14) M.M.