The net profit of state-controlled Telekom Srbija plunged nearly 50% to RSD 11.25bn (EUR 101mn) last year as its financial costs jumped almost fourfold to RSD 12.5bn, news service eKapija reported.
The financial result weakened as an effect of the rise in long-term liabilities, which soared to RSD 46.7bn from RSD 17.3bn as the company took a bank loan to buy back its own shares from Greece’s OTE in the beginning of 2012.
Telekom Srbija’s director general Predrag Culibrk said in February that because of the purchase of OTE’s 20% stake the Serb company had to take a EUR 470mn loan and its overall debt reached EUR 700mn at end-2012 – a number that significantly impacts its operations. However, Culibrk said some RSD 20bn will be invested in raising the quality of the services this year, which should positively impact the operations.
Telekom Srbija’s non-consolidated revenue rose 1.4% to RSD 88.5bn last year, while its operating profit climbed by a similar modest percentage to RSD 19.8bn.
The state controls 58.1% of the company, a 20% stake is in the hands of the telecom itself, Serb citizens own 15% and former and current employees 6.9%.
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