25 Oct 2010 14:38

Ukrtelecom boosts net losses by 56.5% in Q3

KYIV. Oct 25 (Interfax) - OJSC Ukrtelecom increased its net losses by 56.5% year-on-year to 110.63 million hryvni (7.9118 hryvni/$1 on October 25, 2010) in the third quarter of 2010, the company said in its financial results.

The company said that its net revenue had slipped by 0.1% to 1.672 billion hryvni.

The telecom's operational losses came to 9.203 million hryvni in July-September compared to 189.15 million hryvni in net profit for the same period of 2009.

It was earlier reported that Ukrtelecom's net profit for January-June 2010 came to 47.97 million hryvni with 3.403 billion hryvni in net revenues and 130.5 million hryvni in operational profit. Therefore, the company's net losses decreased by 68% year-on-year to 62.655 million hryvni while net revenues went up by 2.1% to 5.074 billion hryvni. The company's operational profit decreased by 41.5% to 121.28 million hryvni.

It was earlier reported that Ukraine's State Property Agency (SPA) announced a tender for 92.79% in Ukrtelecom on October 13. The tender takes place on December 28. The starting price for the packet comes to 10.5 billion hryvni.