News Parkiet

Corporate earnings

Bleak outlook for 1Q earnings

Telekomunikacja Polska, Poland?s no. 1 phone company said yesterday its quarterly sales fell 3 percent to 4.44 billion zloty, signaling the beginning of the earnings season on Warsaw Stock Exchange. TP?s profits were also down. In response, shares of Telekomunikacja fell 2.1 percent on the WSE.

Media stocks, as well as PKN Orlen oil refinery will report strong earnings because of economic recovery and record-high oil prices, equity analysts say.

However, many other companies won?t be able to beat last year?s numbers, brokers say.

Petrochemicals

Grupa Lotos cleared for IPO

Shares of Grupa Lotos, Poland?s second largest oil refinery became public yesterday after the country?s Securities and Exchanges Commission cleared company?s plans to list on the WSE. Gdańsk-based Lotos plans to sell about 900 million zloty worth of new stock, representing some 30 percent of post-IPO equity. In addition to new shares, government privatization agency Nafta Polska plans to sell part of its holding.

Textiles

Bytom plans another stock sale

Men?s suit maker Bytom SA is planning yet another round of financing in an attempt to increase its working liquidity, sources close to the situation told PARKIET yesterday. Publicly traded firm has completed debt for stock swap accompanied by a new stock offering just weeks ago, raising 2.5 million zloty in cash. Its debt was reduced by about 3 million zloty.

Outsourcing

Impel buys BD Faktor security firm

Poland?s biggest cleaning and security company, Wrocław-based Impel SA, said yesterday it has agreed to buy all outstanding shares of Bankowy Dom Faktor, a security firm now owned by Bank Gospodarki Żywnościowej. Impel said the acquisition will cost just 3.4 million zloty even though BDF?s net assets are worth twice that amount. The price, Impel said, reflects actual value of the business.

Bankowy Dom Faktor provides security staff for nearly 270 BGŻ branches across the country. Its sales last year totaled approximately 20 million zloty.