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Articles & publications
25.06.2010
Central Telegraph counts profitComNews, Tatyana Kapustina
Thanks to strict cost-cutting, Central Telegraph managed to generate net profit 11 times higher in year-on-year terms, up to RUR 69.8 mln in 2009.
As noted in the company’s statement, Central Telegraph’s 2009 consolidated IFRS revenue increased 5.1% compared with the year-earlier period and reached RUR 3.7 bln. Operating profit amounted to RUR 456 mln, which is 48% higher than in the same period last year. “The sharp increase in operating profit is attributable to management’s implementation of a strict cost-cutting policy”, the company’s press services pointed out.
In 2009, Central Telegraph’s main revenue driver turned out to be interconnect and traffic transmission (with growth amounting to 23.8% up to RUR 91.6 mln), and also datacom, in particular broadband Internet (up 4.1% to RUR 45.7 mln).
The company’s EBITDA exceeded RUR 892 mln, which is 31.1% higher than in 2008. In addition, EBITDA margin surged 19.2% to 24%.
”The company’s net profit soared 11-fold as a result of a 48% increase in operating profit. I think these figures provide a clear illustration that the company is powering ahead in operating terms. Based on this set of financial results, we believe that this trend will hold moving forward, although we do not expect it to be quite so strong, since in the long-term outlook it is not possible to grow at such a fast pace” according to Finam analyst Eldar Vagabov.
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