Polska Telefonia Cyfrowa announces first quarter results

Leading mobile telecom operator Polska Telefonia Cyfrowa (PTC) improved its revenues and operating profit in the first quarter, but only managed a net profit of zl. 52.2 million, down from zl.136.7 million a year ago. "These results are in line with expectations. The drop in net profit is associated with unfavorable rates and tariffs," said DM BIG BG analyst Michal Buczynski. Meanwhile, rival operator Polkomtel recorded a first quarter net profit of zl. 188 million, however, this figure is not calculated according to International Accounting Standards (IAS) like Polska Telefonia Cyfrowa. PTC attracted 426,000 new customers in the first quarter of this year, of whom 256,000 use pre-paid phones and do not pay a subscription fee. Revenues grew from zl. 891 million to zl. 1.126 billion in the first quarter year-on-year. (Prawo i Gospodarka, p. 2) T.J.