České radiokomunikace reported its unconsolidated Q1 2004 CAS figures yesterday.
With sales at projected levels and a better EBITDA margin, the company broke even at the EBIT level in Q1 2004. Net profit thus came out CZK 42m above our projections. A y-o-y comparison confirms a trend of declining revenues from telecommunications services (more than 40% of total revenues) and increasing operating efficiency. Note that the unconsolidated figures do not reflect the performance of T-Mobile CR - the 39% stake in the mobile operator is Cra’s most valuable asset.
T-Mobile CR is scheduled to release its Q1 2004 results according to the German GAAP on May 13.
Q1 2004 Q1 2003 change
Sales 570 578 -1%
EBITDA 330 304 9%
EBIT 51 -12 -525%
Net income 55 -2 -3156%
EPS (CZK) 1.8 0.1 627%