Eurotel´s Q1 2003 results were slightly better than expectations

Eurotel (the No.1 domestic mobile operator, 51% owned by Cesky Telecom) released its Q1 2003 figures on Friday. Lower-than-expected sales were more than offset by a higher EBITDA margin, therefore, net income slightly exceeded expectations.

IAS , CZK mil. 	QI 2003  QI 2002  %change  QI 2003e
Sales		 6,804 	  6,773    0.46%    7,120
EBITDA 	 	 3,517    3,301    6.54%    3,485
EBIT		  na 	   na		    2,314
Pre-tax profit    na       na               2,283
Net profit 	 1,641    1,503    9.18%    1,575

Separately, the government is expected to raise the value-added tax on telecom services from 5% to 22% in May 2004.

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