Thailand's Stocks: What's Going On Here?
TelecomAsia seems to be making all the right moves to recover from the Asian crisis. In September, the Bangkok telephone operator used proceeds from the sale of a stake in a subsidiary to pay $40 million of its $841 million in dollar-denominated debt. With the help of partner Verizon Communications, it has cut costs and renegotiated loans. Thanks to growth in the local wireless and fixed-line markets, revenues for the second quarter were $114 million, up 36% from 1999. "We're performing very well," says John Doherty, executive vice-president for finance.
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