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MTel sets up JV with MET Holding to provide energy services

Telco

Magyar Telekom said yesterday that it had signed an agreement to establish a 50-50 joint venture with MET Holding to offer energy services to corporate clients. 

When the JV begins operations, MTel's business energy services will no longer be consolidated, but 50% of the JV's results will appear under the EBITDA line. The change will translate as a HUF 35 bln-40 bln fall in revenue in 2017, compared to guidance, MTel said.

MTel's revenue from energy services came to HUF 42.3 bln last year, a preliminary earnings report shows. This revenue includes that from MTel's residential energy services, which, MTel noted, will not be impacted by the spin-off of the business energy services.

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