Unlike the parent company’s six-month CAS figures (released in July), the IAS consolidated figures are more closely watched by the market since they reflect the contribution of parent company subsidiaries and joint ventures. The most important of these are the cellular operator RadioMobil (51% owned; enters the consolidated P&L at the bottom-line, as income from affiliates) and telecomunication-and-Internet service provider Contactel (50% JV with TeleDanmark; consolidated by the equity method). The impact of the consolidation of Contactel (still a loss-making business that has the biggest potential to surprise in terms of its impact on the consolidated figures) and the absence of a major forex gain this year will likely lead to a y-to-y deterioration both at the operating level and at the bottom line. This in spite of major profit growth we expect in RadioMobil.
The following are Patria’s projections of the consolidated IAS figures and of stand-alone RadioMobil IAS figures to be released tomorrow.