Polkomtel's profits on the Plus side
Polkomtel, owner of Poland's third largest mobile brand in terms of subscribers - Plus GSM - recorded a Q1 profit of zł.260 million, largely as a result of a fall in debts and slower cost growth. Revenues rose 10 percent to zł.1.46 billion, while operating profit increased 29 percent to zł.335 million.
"Slower growth of costs and a positive result on financial operations drove the growth in net profit," Tomasz Wardak, director of Polkomtel's financial department, told Reuters.
Polkomtel also revealed that its bank debt dropped 70 percent, coming in at zł.310 million at the end of the first quarter, which brings its ratio of debt to EBITDA down from 0.55 after the first quarter last year to 0.14 as of March 31.
Oil giant PKN Orlen, metals concern KGHM, and power grid PSE hold a combined 57.22 percent share of Polkomtel and have proposed selling a 20-percent stake of the operator on the bourse. However, that requires approval from Polkomtel's foreign investors, the UK's Vodafone and Denmark's TDC, which each hold a 19.61 percent stake, and as partial owners have the right of first refusal. The Polish contingent may offer part of their stakes to Vodafone and TDC to get the go-ahead for the flotation, since Vodafone and TDC have indicated that they are interested in increasing their stakes in the operator.
"The new offer prepared in cooperation with our advisers envisages selling a 20 percent stake in Polkomtel on the bourse," Puls Biznesu quoted KGHM board member Andrzej Krug as saying.
"We want to talk with Vodafone and TDC about the sale of the rest of our shares. We are ready to offer them all the remaining shares," said Krug.
Polkomtel's market value is in the region of zł.18 billion, and its IPO would be one of the biggest on the Warsaw bourse.
"Slower growth of costs and a positive result on financial operations drove the growth in net profit," Tomasz Wardak, director of Polkomtel's financial department, told Reuters.
Polkomtel also revealed that its bank debt dropped 70 percent, coming in at zł.310 million at the end of the first quarter, which brings its ratio of debt to EBITDA down from 0.55 after the first quarter last year to 0.14 as of March 31.
Oil giant PKN Orlen, metals concern KGHM, and power grid PSE hold a combined 57.22 percent share of Polkomtel and have proposed selling a 20-percent stake of the operator on the bourse. However, that requires approval from Polkomtel's foreign investors, the UK's Vodafone and Denmark's TDC, which each hold a 19.61 percent stake, and as partial owners have the right of first refusal. The Polish contingent may offer part of their stakes to Vodafone and TDC to get the go-ahead for the flotation, since Vodafone and TDC have indicated that they are interested in increasing their stakes in the operator.
"The new offer prepared in cooperation with our advisers envisages selling a 20 percent stake in Polkomtel on the bourse," Puls Biznesu quoted KGHM board member Andrzej Krug as saying.
"We want to talk with Vodafone and TDC about the sale of the rest of our shares. We are ready to offer them all the remaining shares," said Krug.
Polkomtel's market value is in the region of zł.18 billion, and its IPO would be one of the biggest on the Warsaw bourse.
