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Magyar Telekom Q1 net profits up 5.5%

Net profits of Magyar Telekom Nyrt, Hungary's incumbent telco, rose 5.5% year on year to Ft 18.95 billion (€72.8 million) in Q1 2006 and revenue rose 6.7% to Ft 153.28 billion, the company said in its preliminary consolidated Q1 report, prepared according to International Financial Reporting Standards (IFRS) and published on Thursday.

Magyar Telekom noted that TCG, its unit in Montenegro, which has been consolidated since Q2 2005, contributed Ft 6.4 billion to revenues in the first quarter. Excluding TCG, Q1 revenues rose 2.3% year on year. Q1 EBITDA rose 4.9% to Ft 62 billion, and the EBITDA margin was 40.5%. Without the impact of TCG, EBITDA was Ft 59.4 billion.
”The significant improvement of our results in the first quarter were mainly due to international operations and to our mobile services in Hungary,” President-CEO Elek Straub said.