TP sees double digit profit and revenue declines in 1Q

TPSA has reported that first quarter net profit fell 13% to PLN285 million (USD99 million), while sales slipped 10% to PLN3.873 billion, both in line with market expectations. Fixed line sales fell by 10.5% to PLN2.311 billion, while wireless sales dipped 9.1% to PLN1.816 billion. TPSA said in the mid-term the deterioration in sales would slow below last year’s pace of 8.8% before stabilising in 2011. ‘We have to wait for a decisive change in our earnings until the second half of the year, but the first quarter stands as a good beginning to a breakthrough year of 2010,’ said chief executive Maciej Witucki.