RomTelecom’s 2Q profit rises sixfold ahead of privatisation

1 Sep 2005

Romania’s dominant telco RomTelecom has reported a surge in net profit to EUR57.6 million (USD70.2 million) from EUR9.3 million (USD11.3 million) a year earlier. The healthy figures follow the passing of a late-August deadline for letters of intent from foreign banks willing to advise on the sale of the Romanian government’s 45.99% stake in the fixed line operator, which it intends to complete by 2006.