TP SA: Q2 2010 results higher than expected

2010-07-29

In Q2 2010, TP SA reported results higher than expected by the market analysts. Sales revenues declined by 4.7% year on year to PLN 3.98bn (€993m), while the analysts forecasted an 8% decline. The net profit totalled to PLN 324m (€80.8m), reflecting a 13% decrease year on year, instead of the 20% decline previously predicted. The better results are the effect of the optimisation programme that was introduced in 2009 and brought PLN 150m (€37.4m) in savings in Q2 2010.
In the second quarter of 2010, the turnover generated by the fixed-line telephony service was 8.7% lower than in the analogous period of 2009 and totalled to PLN 2.29bn (€571m). The number of clients went down by 750,000 when compared to Q2 2009, to 6.75 million users.
In turn, in Q2 2010, PTK Centertel, the operator of Orange GSM network belonging to TP SA, has maintained its sales revenues (PLN 1.95bn or €486m) at the same level as in the analogous period of 2009, and also improved its profitability: the operating profit grew by 69% year on year to PLN 285m (€71.1m). The number of Orange customers grew by 255,000 when compared to March 2010 and totalled to 14.03 million users at the end of June 2010.