Ceske radiokomunikace’s 9M unconsolidated pretax profit of CZK 408 mil., released yesterday, surpassed our forecast of CZK 256 mil. The main reason for the better performance was one-off interest revenues, which were generated by cash not yet distributed to shareholders in dividends or to the state in tax payments. In Q4/2001, these interest revenues should not be repeated. In total, “other financial revenues” stood at 638 mil. in 9M 2001, vs. CZK 85 mil. in 9M 2000.
Operating performance results did not produce any surprises: operating profit stood at CZK 69 mil. (up 7.9% y-to-y, vs. our forecast of CZK 73 mil.). Given that the 9M figures do not reflect the contribution by CRa subsidiaries such as Contactel and RadioMobil, they are usually not scrutinized by the market. More-relevant consolidated IAS results are not released on a 9M basis.
(Ondřej Daťka)