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.

Poland A.M.