News Parkiet

Information Technology

Softbank wins court battle with the taxman

Information technology group Softbank SA won a 10.44 million zloty dispute over income tax refund dating back to 1998-2002, Tax Office spokesman told PARKIET on Friday citing a recent ruling by WSA administrative court. The tax authorities will not be appealing the verdict, Andrzej Kulmatycki said. By some estimates, including back interest, Softbank could receive as much as 15 million zloty from Warsaw Tax Office.

Excluding the tax payment, analysts expect Softbank to report earnings totaling 40 to 45 million zloty.

Petrochemicals

Polish officials to seek oil licenses in Iraq

Polish prime minister Marek Belka along with a senior official from Nafta Polska, an oil industry privatization agency are scheduled to go to Iraq later this month to talk about developing oil fields around the northern city of Kirkuk, sources told PARKIET this week. Adam Sęk, Nafta?s chief executive says Poland is trying to secure an oilfield with an annual capacity of some 500 000 tons by promising to train Iraqi oil technicians.

PKN Orlen oil group is one of twelve bidders for Tupras refinery in eastern Turkey, which is connected to Kirkuk via an oil pipeline, prompting speculations the company could benefit from any future Iraqi deal.

Real estate

Centrum Giełdowe expecting F/X losses

Real estate developer Centrum Giełdowe, a Warsaw-based company that is part owned by the WSE and by KDPW clearing house is expecting a 5-million zloty loss this year as Polish zloty weakens against the US dollar. Centrum, which is building a luxury housing estate in Warsaw?s prestigious Wilanów district took a big loan denominated in US dollars. The company has already sold about 40 percent of apartments in a housing complex in Wilanów that will be completed early next year.

Telecommunications

BRE buys stake in Vectra from privatization funds

Commerzbank unit BRE Bank bought a 26 percent stake in Vectra, Poland?s second largest cable TV company in a complex deal that closed earlier this week. BRE paid 131 million zloty to three NFI privatization funds to Luxembourg-registered private equity fund. It then sold 7.11 percent stake in Vectra for an estimated 40 million zloty, leaving the bank with a 4.3 million zloty gain before taxes. The three NFI privatization funds that sold Vectra, Fund.1, NFI Victoria and NFI Fortuna are expected to use proceeds from the sale for stock buybacks.

Banking

PKO BP sees single-digit earnings growth

Poland?s biggest retail bank, state-controlled PKO BP is expecting single-digit earnings growth this year, chief executive Andrzej Podsiadło said in an interview with Reuters on Friday. PKO BP reported profits of some 1.51 billion zloty, or 1.51 zloty a share last year. Podsiadło said PKO BP is looking for potential acquisition targets in order to stay ahead of the combined Pekao and BPH Banks after their expected merger later this year.