Cyfrowy Polsat to sell non-core assets to sharpen business focus, warns of near-term profit hit

Polish media and telecoms group Cyfrowy Polsat said on Thursday it planned to sell its energy and real estate assets to focus on its core business, a strategy it warned would hurt near-term profits, sending its shares falling 15%.

It expects the transformation to cause a 2% to 3% decline in annual core earnings at its telecommunications, media and technology unit over the next few years. This year’s earnings before interest, taxes, depreciation and amortisation for the unit are seen at 2.9 billion zlotys ($734.8 million).