TP reports 4Q results

27 Feb 2009

Telekomunikacja Polska (TP) said fourth-quarter consolidated net profit fell 71% on the year due to high financial charges and foreign exchange losses. Group net profit at the company, which is 48.58% owned by France Telecom, fell to PLN179 million (USD48.4 million) in the three months ended 31 December 2008, from PLN616 million in the year-earlier period. TP group revenue of PLN4.58 billion in the fourth quarter was down 1.5% on the year due mainly to the continued erosion of its fixed line business. Additionally, TPSA said it booked a PLN192 million non-cash foreign exchange loss, from a PLN58 million gain a year earlier, on revaluation of provisions for risks, 3G licence liabilities and unhedged parts of its debt. The mobile segment provided the bulk of sales growth, as full year net revenue rose 7.5% on the year to PLN8.02 billion in 2008. Fixed line revenues slipped 11% over the same period to PLN6.78 billion. Full-year net revenue from data transmission rose 9.9% to PLN2.48 billion, while broadband revenue rose by 17.1% on the year to PLN1.45 billion.