Magyar Telekom net profit up 10.8 pct on one-offs, cost cuts
BUDAPEST Nov 8 (Reuters) - Hungarian group Magyar Telekom said quarterly net profit rose 10.8 percent, helped by one-off income from real estate transactions and as cost cuts offset a fall in revenue.
Third-quarter net profit was 14.77 billion forints ($67 million), compared with a forecast for 11.73 billion in a survey by financial news website portfolio.hu, the company said on Thursday.
The Deutsche Telekom unit affirmed full-year guidance for a 0-2 percent decline in revenue and a 4-6 percent fall in underlying earnings before interest, taxes, depreciation and amortisation (EBITDA).
Revenue for the first nine months was up 0.9 percent at 442 billion forints, while underlying EBITDA adjusted for special costs fell 2.9 percent to 182 billion.
"In Macedonia, we completed an efficiency review of our real estate assets, selling four of our existing buildings and purchasing a single modern one, and the sale of our Pro-M subsidiary also contributed to better EBITDA performance," chairman and chief executive Christopher Mattheisen said.
That resulted in a gain of 3.7 billion forints which, with the benefit of cost cuts, helped offset the impact of a new tax on phone calls and text messages Hungary launched in July.
Quarterly revenue fell 1.3 percent to 150 billion forints, in line with expectations. ($1 = 221.67 forints) (Reporting by Gergely Szakacs; Editing by Dan Lalor)
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