TP disappoints with its results

31-01-2007, 10:17

Warsaw (Puls Biznesu) – TP telecom increased sales in 2006 thanks to its mobile unit. Fourth quarter results disappointed the market. Not everybody is unhappy, however.

Warsaw (Puls Biznesu) – TP telecom increased sales in 2006 thanks to its mobile unit. Fourth quarter results disappointed the market. Not everybody is unhappy, however. 

A 21 percent net income decrease to PLN 381m (EUR 96.8m), this is TP’s achievement in the last three quarters of last year. The market expected more, no wonder the stock was falling even by 1.6 percent yesterday. Not everybody is disappointed, however.

“I like these results. It is true that analysts expected PLN 400-800m of net income in the fourth quarter but you must notice two things. TP made PLN 309m of reserves and the difference in paid taxes against a year earlier amounted to nearly PLN 180m”, Pawel Puchalski, DM BZWBK analyst explained. 

TP management stresses that sales in 2006 grew 1.5 percent to over PLN 18.6 billion.

“The biggest growth factor was increasing sales in mobile telecom services”, the official statement said.

Maciej Witucki, TP CEO, is optimistic about the future. During the teleconference with investors he admitted that the deregulation of the market will influence future sales but the company wants to sell its services more aggressively. In 2007, it plans to increase the number of broadband internet clients from 1.7m to 2.2m, and the number of mobile subscribers from 12.5m to 13.5m. EBITDA should be kept at the level of 42-44 percent. The management admitted, however, that it expects sales decrease by 1 percent, however. The dividend will amount to PLN 1.9 a share. Last year, it was PLN 1 a share.

(PLN 1 = EUR 0.254)

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