Romtelecom sees lower profit in 2008, better 2009-10
Published January 11th, 2008
(TP) Romanian telecommunications company Romtelecom is developing a three-year business plan which indicates a lower profit in 2008. Romtelecom CEO Yorgos Ioannidis told the ZiarulFinanciar that the business plan will lead to growth in 2009 and 2010. “We are building a business plan which provides for lower profit in 2008, in order to ensure growth over the next few years,” he said. “In order to follow a growth trend for the next three years, one has to make some sacrifices in the first year. Thus, 2008 will not be as good as 2009, and a lot worse than 2010.” The business plan will be submitted for approval to the company’s board of directors. Romtelecom reported a net profit of EUR 19.5 million during the first nine months of 2007, compared with EUR 41.6 million in the same period of 2006. The company revenues were EUR 649 million, also declining against 2006. Romtelecom’s priorities for 2008 are to increase its revenues and operating efficiency and to make investments in products which can reduce costs for the company.
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