Agora Drops as Publisher’s Asset Writedown to Cut Profit

Agora SA (AGO) fell for a fourth day, its longest losing streak in three months, after Poland’s largest publicly traded publisher said an asset writedown will cut fourth-quarter profit.

The shares retreated 3.2 percent to 9.59 zloty at the close in Warsaw. The number of shares traded today was 71 percent of the three-month daily average, according to data compiled by Bloomberg.

The writedown of assets, mainly its magazines, will lower the group’s operating profit by about 18 million zloty ($5.8 million), it said in a regulatory filing late yesterday.

“This information was unexpected,” Piotr Owdziej, an analyst at KBC Securities in Warsaw, said in a note today. It is “likely to drag down Agora’s full-year 2012 results into the red.”

The publisher of the country’s best-selling broadsheet title Gazeta Wyborcza reported a net loss of 8.9 million zloty in the first three quarters of 2012, compared with a 33.2 million zloty profit a year earlier, it said on Nov. 9.

Fourth-quarter earnings are due on Feb. 22.

To contact the reporter on this story: Piotr Bujnicki in Warsaw at pbujnicki@bloomberg.net

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net

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