Share Name | Share Symbol | Market | Type |
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Telefonica SA | BIT:TEF | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
By Leos Rousek
PRAGUE--O2 Czech Republic AS (BAATELEC.PR) Friday reported a drop in second-quarter net profit and revenue amid increased competition in the local mobile services market, but the decline in earnings was less than market expectations.
Net profit fell 9.6% to 1.22 billion koruna ($59 million) from CZK1.35 billion in the same period a year earlier. The result was above market expectations of CZK1.16 billion in consolidated profit.
Operating expenses declined 8.4% on the year to CZK7.06 billion, while operating revenue was down 8.1% on the year at CZK11.05 in the three months to end-June.
Operating income before depreciation and amortization, or Oibda, in the second quarter was CZK4.13 billion, down 8.6% from CZK4.52 billion.
In January investment firm PPF Group NV, controlled by the Czech Republic's richest financier, Petr Kellner, completed the acquisition of a 65.9% stake in O2 Czech, valued at about 2.47 billion euros ($3.39 billion), from Spain's Telefonica SA (TEF).
PPF is in the process of buying out some of the remaining minority shareholders in the company, holding just above 30% of its shares.
Write to Leos Rousek at leos.rousek@wsj.com, @LeoRousek
Go to http://blogs.wsj.com/emergingeurope for the new WSJ and Dow Jones blog on Central and Eastern Europe, covering business, politics, society and more, written by our correspondents across the region.
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