|TP announced worse-than-expected results last week|
Courtesy of TP
French telecommunications giant France Telecom said that it wrote down €889 million in impairment costs on its Polish subsidiary Telekomunikacja Polska (TP) in 2012. The write-down on TP comprised the bulk of the French group's total impairments of €1.84 billion, which also stemmed from units in Egypt and Romania.
The write-downs strongly influenced its annual results. France Telecom's full-year net income fell to €820 million in 2012, compared with €3.9 billion a year earlier. Sales fell 3.9 percent to €43.5 billion.
TP, Poland's largest telecommunications firm, recently announced its Q4 profit and revenue were below expectations, causing the firm to cut dividend plans and execute cost-cutting measures. It's stock price fell some 30 percent on the day of the announcement last week.
From Warsaw Business Journal
Financial results: PGNiG's profit up, Asseco's down, GTC with a loss
Polimex-Mostostal saw a big loss in 2012, restructuring needed
Banks increase profits from fees and commissions
PKO BP announces lower Q4 net profit
Opinion: the French disconnection
Commemorating Europe Day, EU faces key challenges
BY Stratfor Global Intelligence
Deputy PM cries out for attention
BY Remi Adekoya