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T-Hrvatski Nine-Month Profit Dips 6.4% as Crisis Continues

Oct. 30 (Bloomberg) -- T-Hrvatski Telekom d.d., the Croatian unit of Deutsche Telekom AG, said net income for the first nine months declined 6.4 percent to 1.39 billion kuna ($239 million) as Europe’s crisis erode business.

Revenue decreased 7.1 percent to 5.66 billion kuna, while earnings before interest, taxes, depreciation and amortization, or Ebitda, declined 6.7 percent to 2.61 billion kuna, the country’s biggest communications services provider said in a statement on the Regulatory News Service today.

“The economic environment in Croatia remains sluggish,” increasing “unemployment and higher inflation,” Chief Executive Officer Ivica Mudrinic said in the statement. “At the same time, competition remains intense and the regulatory regime remains tight.”

The phone company faces increased pressure on disposable income by rising unemployment and faster inflation, forcing it to “somewhat decrease” its financial expectations for the year.

“Results were weaker than expected and the trends are not encouraging either,” Attila Gyurcsik, an analyst at Concorde Securities Ltd., said in an e-mailed statement.

To contact the reporter on this story: Jasmina Kuzmanovic in Zagreb at jkuzmanovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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