News Parkiet

Equity markets

7NFI keeps trading despite buyback

Shares of 7 NFI privatization fund continued trading on the WSE for eight minutes after the marked opened despite earlier announcement the fund wants to buy back shares at a much higher price. About 130.000 shares changed hands on Thursday at 4.16 to 4.29 zloty. 7 NFI said earlier it would spend as much as 52 million zloty to buy 25 percent of outstanding shares at 10 zloty each.

Politics

Belka unlikely to win confidence vote today

Polish prime minister Marek Belka is almost certain to lose the no-confidence vote scheduled for today evening at the parliament. All major opposition parties oppose Belka and said they would enforce attendance at today?s vote.

Equity markets

Dividend payments up in 2004

Shareholders of publicly traded Polish companies will receive as much as 3 billion zloty in dividends from last year?s earnings, up 60 percent from payouts in 2003. At least 38 of the WSE?s 200-odd companies decided to pay dividends this year. The most generous include UniCredito Italiano-controlled Bank Pekao, which increased its dividends to PLN 747 million ($187 million), Bank Austria (PLN 714 million) and BPH Bank (PLN 250 million).

Media

Agora?s first-quarter loss widens

on restructuring costs

Agora S.A., Poland?s largest newspaper publisher reported higher first quarter loss because of restructuring and promotional expenses. Net loss widened to 9.3 million zloty from PLN 4.8 million a year ago, the company said in a statement published Thursday morning. Sales in the period were up 5.8 percent to PLN 210.2 million. Additional promotional expenses to defend the company?s market position against Axel Springer?s new Polish tabloid cost Agora over 17 million zloty. Circulation of its flagship daily "Gazeta Wyborcza? fell 2.1 percent to an average of 423.800 copies in January to March period. Agora?s Chief Executive Wanda Rapaczynska said the company expects 2 to 2.5 percent sales growth in all of 2003.

Banking

Pekao profit rises on lower provisions

Bank Pekao, Poland?s second largest, said profits in the first quarter rose 16 percent to PLN 296 million on lower provisions and higher income from banking fees.

Bad debt provisions were down by half to PLN 97 million, while income from fees and commissions rose 27 percent to PLN 383 million.

Equity markets

Inter Cars sets IPO range

Inter Cars auto parts distributor said on Thursday initial pricing range in an IPO scheduled for late May. Two investment funds controlled by Ballinger Capital private equity group are selling 3.82 million shares of the company priced at between 17.5 and 23 zloty each.

Inter Cars will start trading on May 26.