Agora Drops as Publisher’s Asset Writedown to Cut 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.
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