RomTelecom predicts profit fall

Romania’s largest telco RomTelecom is expecting lower profits in 2008 as it invests for future growth. Under a new three-year business plan, which has still to be approved by the firm’s board, RomTelecom is sacrificing growth this year but expects to reap the dividends in 2009 and 2010. According to a report from Telecompaper, the company’s CEO, Yorgos Ioannidis, told local newspaper Ziarul Financiar: ‘In order to follow a growth trend for the next three years, one has to make some sacrifices in the first year. Thus, 2008 will not be as good as 2009, and a lot worse than 2010.’