(5 PLN, 3,23%) reported higher-than-expected operating profit this morning, the net income however was below the consensus forecast due losses in financials. IFRS consolidated net income came in at PLN 347.8m for 2Q07, up 234.1% y/y but down 55.8% q/q. The figure fell short of consensus forecast of PLN 366.8m by 5.2% (estimates ranged between PLN 316.2m-PLN 468.0m according to Reuters) and also was 13.6% below our own estimate of PLN 410.3m. The operating profit of the company showed substantial y/y improvement coming in at PLN 452.8m (+201.9% y/y, -50.7% q/q) coming 13.8% above the market consensus (estimates ranged between PLN 336.0m-PLN 483.0m) and 9.6% above our own forecast of PLN 413.0m. Since the operating profit was much stronger that expected we expect to see a positive market reaction to the results.