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August 24, 2005 6:20 pm

TA says net profits will rise by 50%

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Telekom Austria predicted net profits would rise by 50 per cent this year based on strong growth and lower taxes and financing costs.

The group, which from July 12 has consolidated MobilTel, Bulgaria’s biggest mobile phone company, said 2005 sales should rise by 5 per cent and operating profits by 10 per cent.

“Things are going well”, Heinz Sundt, chief executive, told the Financial Times. Mr Sundt said TA remained keen on further expansion in eastern Europe, but continued to be constrained by legal problems at target companies in Bosnia and Serbia.

The upbeat prediction came Austria’s leading telecommunications group, which has seen its shares rise by 23 per cent this year, reported that first half net profits surged by almost 82 per cent to E191.4m on the back of a 1.5 per cent rise in sales to E2.01bn.      

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