Ukrtelecom raises EBITDA 1.4x qoq in 2Q12

Ukrtelecom raises EBITDA 1.4x qoq in 2Q12



26 липня 2012 года
Конкорд Капитал

Укртелеком (UTLM)


Ukrtelecom (UTLM UK), Ukraine’s incumbent telecom operator, reported USD 412 mln in revenue in 1H12, according to IFRS financials (down 1% compared to the UAS-based 1H11 revenue). EBITDA reached USD 88 mlm (vs. USD 36 mln a year before) and net income amounted to USD 15.6 mln (vs. a 26.9 mln loss a year before). In 2Q12 alone, Ukrtelecom increased sales 1% qoq to USD 207 mln, raised EBITDA by 43% qoq to USD 52 mln and improved net income 22x qoq. The company also decreased its headcount 12% yoy to 61 ths as of end-1H12 and cut workforce expenses 4% yoy.

Alexander Paraschiy: In our view, the increase in the company’s 2Q bottom line was driven by one-off event – the UEFA football championship cohosted by Ukraine, where Ukrtelecom reportedly directly earned EUR 15 mln. In 3Q12, we expect the company will earn an additional USD 8 mln (on a 10% growth in the flat monthly payment for fixed phones since July 2012), though we see its EBITDA decreasing by up to 20% qoq.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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