Debt reduction bolsters Telekom profits

3 Mar 2014

State-backed telco Telekom Srbija has booked net profits of RSD15.3 billion (USD181.25 million) for the year ended 31 December 2013, an increase of 36.6% year-on-year, Telecompaper writes, citing local news outlet Vecernje Novosti. According to the operator’s director general, Predrag Culibrk, Telekom Srbija was able to cut its financing expenses, reducing its debt burden by EUR200 million by paying off some of its bank loans. Culibrk claimed that the operator’s debt to banks now stands at EUR282 million. Meanwhile, Telekom revealed that it intends to increase its spending this year, with plans to invest RSD16 billion in 2014, compared to RSD14 billion in 2013.

Serbia, Telekom Srbija (MTS)