TDC beats expectations

Former monopoly operator TDC has released better-than-expected financial results for the second quarter of 2002, with operating profit growing to DKK3.77 billion (USD573.2 million), ahead of analysts’ predictions of DKK3.61 billion. The group also cut its net debt by one billion to DKK33.7 billion (USD5.14 billion). TDC has raised its full-year 2003 net profit forecast to DKK2.3 billion from DKK1.9 billion.