Feb. 12 (Bloomberg) -- Telekomunikacja Polska SA posted a record drop after Poland’s largest phone company cut its dividend proposal for the second time in four months as profit and revenue slumped.
The stock slumped 30 percent to 8.14 zloty at 9:36 a.m. in Warsaw, the steepest intraday drop since the company started trading in Warsaw in 1998. Shares traded were 231 percent of the three-month daily average, data compiled by Bloomberg show. The benchmark WIG20 Index fell 0.9 percent.
Telekomunikacja, controlled by France Telecom SA, plans a dividend at 0.5 zloty a share, compared with 1 zloty announced in October and 1.5 zloty paid from 2011 profit. Fourth-quarter net income fell to 51 million zloty ($16 million) from 358 million zloty a year earlier, the company said in a regulatory filing today. That missed the 166.8 million-zloty mean estimate of nine analysts surveyed by Bloomberg.
“Telekomunikacja showed a disappointing set of numbers for the fourth quarter,” Piotr Janik, a Warsaw-based analyst at KBC Securities, said in a note today. “The guidance for the telecommunications market in 2013 will scare investors, the dividend outlook is miserable, the strategy does not really bring any optimism for the future, while the 2013 cash-flow guidance is shockingly low.”
Telekomunikacja, which saw fourth-quarter sales falling 6.4 percent to 3.48 billion zloty from a year earlier, expects a “deep” decline of sales this year, Chief Executive Officer Maciej Witucki told reporters today.
France Telecom declined 2.9 percent to 7.657 euros today.
To contact the editor responsible for this story: Frank Connelly at email@example.com