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Matáv value plummets on shrinking fixed-line market

Matáv Rt. reported Ft 34,64 bn net profit, a 39,7% decrease year-on-year, the company said in its annual report. Sales dropped by 1% to Ft 601 billion, primarily due to a 10.9% decline in domestic fixed-line revenues to Ft 196.44 billion. As a result, the group?s operating profit fell by 30,1% to Ft 85,25 billion. The company saw Ft 6,45 billion Q4 loss in 2004, which comes as a shock after the Ft 5,69 billion profit in Q4, 2003. The company cited a near-saturated fixed-line market, declining sales and increasing competition as the reason for the poor results.