The net profit at
TPSA came in at PLN 518m, up 2.6% y/y, but 13.3%
below our forecast and 10.1% below consensus estimate, underpinned by a
weaker growth in revenues from mobile and data services. Revenues
contracted by 2.7% y/y to PLN 4.4bn, 3.4% below our estimate and 1.8%
below consensus, driven mainly by mobile growing only 10.2 % y/y to PLN
1,719m, and continued weakness in fixed line, which fell another 12.4%
y/y to PLN 1,990m.
TPSA management announced that it is sticking to its -
1% y/y revenue contraction guidance for 2007, given the trends they have
seen in 1Q07.