Ukrtelecom worsens its bottom line on UAH devaluation in 3Q14

Ukrtelecom worsens its bottom line on UAH devaluation in 3Q14



27 жовтня 2014 года
Конкорд Капитал

Укртелеком (UTLM)


The top line of Ukraine’s leading fixed line telecommunications services provider Ukrtelecom (UTLM UK) decreased 3% yoy to UAH 4.73 bln in 9M14, according to its Oct. 24 filing. Its EBITDA improved 10% yoy to UAH 1.18 bln, mainly due to an 11x yoy increase in “other operating income” to UAH 320 mln. However, a 2.2x yoy increase in financial costs (which we attribute to a strengthened dollar, in which most of the company’s loans are denominated) caused the company to post a negative bottom line at UAH 27 mln in 9M14.



In 3Q14 alone, Ukrtelecom’s top line decreased 4% yoy (to UAH 1.57 bln), its EBITDA declined 21% yoy (to UAH 327 mln) and it reported UAH 73 mln in net losses (vs. UAH 86 mln in net profit a year ago).

Источник: Конкорд Капитал

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