News Parkeit

Equity markets

New doubts about capital gains tax

Investors who transferred their stock portfolios between various brokerage houses may have to pay extra capital gains taxes because some brokers don?t know prices paid for equities purchased before Polish authorities begun levying new tax. Those at risk from tax audits include employees who received stock free of charge.

Banking

Pekao?s 4Q profit doubles

Bank Pekao SA, Poland?s second biggest lender by assets, reported fourth-quarter profits that were more than double its earnings two years ago. UniCredito Italiano-controlled Pekao said its net income was up to PLN 340 million ($111.5 million) from 162 million zloty in the fourth quarter of 2003 because of lower provisions for bad debts and higher revenue from banking fees and commissions. Full year earnings were up 46 percent to PLN 1.34 billion, or 8 zloty per share. Shares of Pekao, which are part of WIG20 blue-chip index, rose 2.8 percent to close at 148 zloty on yesterday?s earnings news.

Power industry

Elektrim creditors examine their options

Bondholders of failing power and telecoms group Elektrim SA say they?ll wait for future developments after a former contractor filed for bankruptcy of the Warsaw-based conglomerate. Alstom Power is demanding the breakup and liquidation of Elektrim on Friday over disputed claims for a payment from its power plant unit. The proposal would rule out debt reduction and a settlement with creditors.

Elektrim has outstanding bonds worth some 440 million euros.

Restaurants

AmRest goes public

AmRest Holdings, the Netherlands-registered operator of KFC and Pizza Hut fast food outlets in Poland and in the Czech Republic, said it would list its shares on the Warsaw Stock Exchange after the SEC cleared its plans for an IPO there. AmRest, which reported modest profits on nine-month sales of 343 million zloty ($110 million) last year, says it plans to sell as many as 9.8 million new and existing shares representing about two-thirds of outstanding, post-IPO common shares.