However, revenues grew by 6.1% to Ft 161.1 billion and earnings before interest, taxes, depreciation and amortization fell by only 1.7% to Ft 63 billion. The phone company is battling lower revenue from its fixed-line business and eroding profitability on mobile phones because of competition from operators like Vodafone Group Plc. The company blamed higher taxation brought in by a government austerity package for the drop in the net income, but said that overall performance was solid. Magyar Telekom Nyrt. Hungary’s former phone monopoly now controlled by Deutsche Telekom AG. (monstersandcritics.com)
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