Gadu-Gadu: better results

2005-01-20

As we learn from Parkiet, Gadu-Gadu (GG), which is one of the most popular instant messaging services in Poland, was able to meet its 2004 financial targets, the company representatives said without specifying nominal figures. According to Krzysztof Szalwa, the company's CEO, in 2003 GG recorded revenues of around PLN 2m and it generated a net profit of PLN 0.64m. He added the target for 2004 was to improve these results by at least 30%.
Meanwhile Warsaw Equity Holding fund, which owns an 80% stake in sms-express.com, which, in turn, owns GG suspended negotiations with investors willing to buy its stake in the company because the offers were too low.
According to various estimates, at present GG is probably worth PLN 30-50m. Among the companies interested were Onet.pl and Interia.pl, two major Polish internet portals, and investment funds. According to unofficial sources quoted by Puls Biznesu, one of the portals had offered as much as PLN 30m for the stake. Its bid was, however, rejected. According to Mr Szalwa, his company still plans to sell GG if it receives a satisfactory offer.
At present, GG has a total of 3.6 million registered users.

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