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Magyar Telekom nine-month net profits up 58%

Magyar Telekom, Hungary's incumbent telecommunications company, had net profits of Ft 64.98 bln January-September 2005, up 58.1 % from the same period a year earlier, the company said in its Q1-Q3 report. Revenue from landline services dropped 3.1% to Ft 244.7 bln and sales of mobile services rose by 8.8% to Ft 214.7 bln, resulting
in a slight Ft 9.7 bln, or 2.2%, increase in total revenue compared to the first nine months of last year. As the result of Ft 14.8 bln in cost savings, consolidated operating profit rose 29.8% to Ft 106.78 bln. Net financial losses fell 13.2% to Ft 23.5 bln compared to a year earlier, pushing pre-tax profits up 45.5% to Ft 83.23 bln.