TDC raises forecast after record quarterly profits

Shares in Denmark’s leading telco TDC rose to their highest level for more than a year yesterday after the operator reported record quarterly EBITDA and raised its full year profit forecast. Although net revenues for the three months to the end of September 2003 fell by 0.2% to DKK12.82 billion compared to the corresponding year-earlier period, reduced capital expenditure and operating expenses led to a 6.8% rise in EBITDA to DKK4.12 billion. Net income, excluding one-off costs, grew by 8.9% to DKK782 million. TDC said a 5% drop in domestic profits was offset by a 9% hike in income from its international mobile unit and a 55% increase in profits at its TDC Switzerland subsidiary. TDC’s net debt fell by 11% during the quarter to DKK30 billion. For the full year TDC is now forecasting EBITDA to reach DKK15 billion, up from its previous estimate of DKK14.8 billion.