Poland's largest telecommunications company TP SA announced lower-than-expected financial results for the fourth quarter of 2012. The company had a net profit of zł.51 million (down by 86 percent year-on-year) with revenue at zł.3.484 billion (down 6.4 percent y/y). Analysts had expected the Q4 net profit to be zł.134 million.

The company announced that it expects a further decline in revenue in 2013 and that it would trim investments by zł.2 billion this year. The expected dividend payout was cut from zł.1 to zł.0.50 per share. The company also confirmed it would sell web portal Wirtualna Polska.

In reaction to the news, TP SA's share price declined by 30.41 percent to zł.8.1 on Tuesday morning.

KW