Telekom Romania reports rising EBITDA despite smaller turnover
Fixed-line telecom operator Telekom Romania (TKR) announced that its revenues decreased "slightly" in the second quarter of the year, compared to the same period in 2020, to EUR 216.8 mln.
The cause was the "slower recovery of the Romanian economy, following the negative impact of the pandemic," the company explained, News.ro reported.
TKR is 54% controlled by Greek OTE, with the Romanian state owning the remaining 46%. OTE will sell its 54% stake for a price of EUR 268 mln, subject to ex-post adjustments.
Despite shrinking revenues, Telekom Romania reported bigger profitability in the second quarter this year. EBITDA adjusted after IFRS-16 increased by 14.5% year-on-year, reaching EUR 41.4 mln in the quarter - to result in an operating profit ratio of nearly 20%.
The EBITDA continues its upward trend seen in recent quarters, the company commented. Separately, the company's cash flow remained positive in Q2, for the ninth consecutive quarter, due to strict cash discipline and cost control.
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