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Name | Symbol | Market | Type |
---|---|---|---|
America Movil SAB de CV | NYSE:AMX | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.35 | 1.85% | 19.22 | 19.265 | 19.00 | 19.18 | 571,552 | 19:36:35 |
By Nicole Lundeen
VIENNA-- Telekom Austria AG said late Tuesday it swung to a net loss in 2014 as macroeconomic conditions in its Central and Eastern European markets and declining revenue in its home market of Austria weighed on results.
For the year, Telekom Austria's net loss was EUR185.4 million ($210.0 million), compared with a 2013 net profit of EUR52.1 million in 2013. For the fourth quarter, the Austrian telecommunications company halved its net loss to EUR48.9 million from a year-earlier loss of EUR107.1 million.
Revenue for the quarter decreased 2.4% to EUR1.03 billion and fell short of analyst expectations for EUR1.05 billion. For the full year, revenue fell 4.0% to EUR4.02 billion.
Telekom Austria, which operates in seven Central and Eastern European markets, said higher revenue in Belarus and its additional markets segment failed to offset declines in Austria, Bulgaria and Croatia. Regulatory effects also weighed on earnings last year, with a negative impact EUR128.2 million, Telekom Austria said.
The company plans to pay a dividend of EUR0.05 a share in 2014 and 2015. While the company expects macroeconomic pressures, regulatory intervention and price competition to remain for the time being, it sees revenues increasing 2.0% in 2015. It is also planning expenditures between EUR700 million and EUR750 million this year. The spending includes investments to expand its fiber network, for which it has earmarked a total EUR400 million between 2015 and 2018. It also plans to purchase additional spectrum in Bulgaria, Slovenia and Serbia in 2015.
Mexican communications giant America Movil acquired just under 60% of Telekom Austria in 2014 and plans to use the Austrian company as a base for acquisitions and expansion in Central and Eastern Europe. Telekom Austria's second-largest shareholder is the Austrian Republic's holding company, which signed a shareholder agreement with America Movil giving the Mexican company operational control.
Write to Nicole Lundeen at nicole.lundeen@wsj.com
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