News Parkiet

Equity markets

Corporate earnings keep growing

Combined earnings of Polish blue-chip stocks rose for the seventh consecutive quarter in the three months ending in March. A survey of WIG20 companies shows higher earnings despite softer performance by some IT and building firms. Mid-cap stocks listed as part of MIDWIG index had a combined twelve-month loss of 76 million zloty because of the huge, 1.5 billion zloty loss reported by Kredyt Bank, a subsidiary of Belgian KBC group.

One third of all smaller stocks are still in the red. Their combined twelve-month loss of 56.9 million zloty was barely offset by the net income of PLN 99.5 million reported by firms that are profitable.

Information Technology

ComputerLand up after stronger 1Q earnings

Poland?s second largest IT services company reported stronger than expected earnings yesterday, posting net income of 3.3 million zloty versus a loss of 0.55 million in the same period a year ago. Sales rose by half to PLN 151 million.

ComputerLand CEO Tomasz Sielicki said his company wants to increase export sales with partners abroad. He also said the firm is negotiating several smaller acquisitions in Poland.

Shares of ComputerLand, a widely held company that went public in mid-1990s rose 4 percent to 104 zloty after the earnings report.

Telecommunications

ATM files for IPO

ATM broadband carrier has announced it has filed for an initial public offering with the Polish Securities and Exchanges Commission, to be sold through BDM PKO BP brokerage. The company, now controlled by venture capital group called Polish Pre-IPO Fund said it wants to raise up to 50 million zloty in a stock sale scheduled for July

ATM sells broadband access services to a number of Polish media companies and financial institutions. Its sales last year totaled 70 million zloty ($17.5 million).

Entertainment

Park Fantasia to list on the OTC

Park Fantasia entertainment group has announced plans to sell up to 45 million zloty worth of convertible bonds on CeTO over-the-counter market, raising some of the funds it needs for its start-up project.

Szczecin-based company is building a 387-million zloty ($99 million) theme park to be completed by 2008. The first section of Park Fantasia is set to open sometime next year.

Existing shareholders say they want to lease most of the equipment needed for the project.

Financial services

Credit Agricole?s Polish leasing unit posts record sales

Europejski Fundusz Leasingowy, Poland?s largest leasing firm controlled by Credit Agricole said it has more than tripled its first-quarter earnings on record sales. Earnings at Wrocław-based company rose to PLN 17.6 million from 4.4 million zloty last year. Revenue was up 22 percent to PLN 376 million as EFL clients rushed to beat April 19 deadline before VAT tax changes on car lease contracts. Auto leasing accounted for over three-quarters of EFL?s sales in the first quarter.