Prokom posted good figures for 2Q06, especially on the parent level. However, consolidated net income came in at PLN 12.5m, down 7.6% y/y on reported basis, but up 479% y/y on adjusted figures. The bottom-line came 17.5% below market consensus at PLN 15.2m and also below our forecast. Although we believe that operating profitability was very good, we expect the market to negatively react to these figures. However, we believe that the majority of the negative earnings surprise stemmed from ABG Ster-Projekt recognizing a substantial tax liability instead of tax asset, which resulted in high – 35% effective tax rate in 2Q06 versus 3.2% in 2Q05. Therefore, we reiterate our Buy rating on the stock with a fair value estimate at PLN 176.4 per share.