BTC: profit down 40%, revenue up 1%

3 Nov 2008

Bulgarian Telecommunications Company (BTC) has posted a 40% drop in net profit for the first nine months of the year, falling from BGN95 million (USD67 million) to BGN56.7 million on the back of rising debt payments and amortisation expenses. In the period ended 30 September 2008, pre-tax profit fell from BGN107.5 million to BGN94 million, while revenue rose from BGN763.1 million to BGN771.9 million.

Troubled US insurance group AIG, which owns 94% of BTC, has reportedly put the telco up for sale, as it looks to raise the funds to repay the US government’s USD85 billion loan.

Bulgaria, Vivacom (BTC)