Taxes and costs hit PTC 2002 results

Mobile telecom firm PTC (Era GSM) said on Thursday it earned zl. 347 million in 2002, 19% down on 2001 due to a falling market share, higher financial costs and taxes. PTC posted a 13.5% rise in sales to zl. 4.93 billion, a growth rate it hopes to exceed this year, although it expected operating margins to narrow slightly. PTC's EBITDA rose to zl. 2.06 billion from zl. 1.68 billion, with the EBITDA margin growing to 41.8% from 38.7%. PTC forecast its 2003 EBITDA margin at 38%-40%. The company yesterday also said it expected to pay off around zl. 1 billion in debts early this year, the same amount the company paid in 2002. PTC's total debt at the end of 2002 was zl. 4.16 billion. (Parkiet, p. 3; Puls Biznesu, p. 13; Reuters) J.K.