Fall in Profits of Telekom Austria, One of Two European Network Operators
Telekom Austria AG (TKA) is one of the two European network operators part that is owned by Carlos Slim's America Movil SAB (AMX). TKA revealed the earnings in third-quarter decreased because of extreme domestic competition by European economies.
Today, the Vienna-based company revealed in a statement that earnings before interest, taxes, depreciation and amortization turned down to 357.9 million euros ($482 million) as compared to previous year, which was 410.4 million euros.
As per the data collected by Bloomberg, the standard analyst approximation was 357.7 million euros. Sales fell 5.3% to 1.04 billion euros.
Chief Executive Officer of the Mexican company Daniel Hajj told America Movil is "not happy" with the sale. The company owns about 23% of shares of Telekom Austria.
Shares of Telekom Austria fell down as much as 2.9% in Vienna and traded at 6 euros. The shares fell down 2.1%, at 2:48 p. m. local time. This year, the stock has increased 4.4%.
Hajj told News magazine in an interview published on Thursday," You can expect many things from us but nothing hostile. We choose our common path with our partners in Austria".
Fixed-line clients, who pay out more as compared to mobile customers, are a main competitive benefit Telekom Austria has in its domestic market above its wireless. Its only competitor is T-Mobile Austria
(DTEGn. DE) and Hutchison Whampoa's (0013. HK) H3G.
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