Magyar Telekom Q1 profits down 16% y-o-y

Hungary’s dominant telecoms operator Magyar Telekom reported first quarter net profits of HUF15.9 billion (USD87.2 million) in the three months to 31 March 2007, down 16.1% on the same period of 2006, despite a 6.1% rise in revenues to HUF161.1 billion. However, EBITDA declined by 1.7% to HUF63 billion, largely the result of higher taxation charges.