Mr. Proano, the tour operator, dismissed these profit estimates as "completely out of touch with reality."

A profits estimate for the whole of 1992 is promised when the bid documents are published.

That is down slightly from the previous estimate of 2.7 percent . . . Corporate profits in the quarter were even worse than previously estimated.

His comments came as the company beat full-year profit estimates despite investors pulling out funds during the period due to market volatility.

Cable & Wireless was hit by James Capel shaving its profits estimate, the stock easing 5 to 523p.

Sales representatives shared those profit estimates with doctors and their staffs, the documents show.

Lawrence Adelman of Dean Witter Reynolds raised his 1992 profit estimates to $5.50 a share for the full year, up slightly.

Phar-Mor said a scheme by former executives to inflate profits was more extensive than previously estimated.

Indeed, analysts say telecommunications is the most profitable industrial area in Europe, generating profit estimated as high as $30 a telephone line each year.

He expects those forecasts to be revised downward, causing overall profit estimates to fall as well.