Ceske radiokomunikace's (CRa) consolidated 2001 IAS net profit, reported yesterday, stood at CZK 809 mil., which was 42% above our forecast (CZK 589 mil.), mostly due to an excess tax payment and to one-off interest revenues from the compensated option in RadioMobil. However, total revenues, EBITDA and EBIT were worse than we had expected. CRa did not disclose any other figures of its Contactel subsidiary except for revenues of CZK 520 mil., worse than our estimate of CZK 585 mil. RadioMobil's figures were released earlier this month (CZK 2.48 bil. net income on CZK 21.1 bil. revenues). CRa also said that it expects operating revenues to decline and operating costs to be affected by one-off restructuring charges this year. Please note that 2000 bottom–line was boosted by a major one-off compensation for dilution of the parent company’s RadioMobil stake.
CZK mil. 2001A 2000A change
Revenues 2,656 2,564 + 4%
EBITDA 851 760 +12%
EBIT -530 -287 +85%
Pretax income -208 20,758 n.m.
Net income incl. associates 809 14,758 -95%
(Jan Hajek)