Polish Orange unit posts Q2 net below forecasts
WARSAW, July 25
WARSAW, July 25 (Reuters) - The Polish unit of France's Orange group posted a smaller than expected 24-percent increase in its second-quarter net profit as the effect of cost cuts was offset by persistent competition, it said on Friday.
Poland's largest telecoms operator booked a net profit of 94 million zlotys ($30.6 million), compared to 101 million zlotys seen by analysts. Sales fell 5.4 percent, coming in slightly above forecasts at 3.08 billion zlotys.
The group has been cutting its employment costs and in May refinanced 700 million euros ($942.7 million) of debt to lower financial costs. It is still struggles with falling fixed line revenue in a highly competitive Polish telecoms market. ($1 = 0.7426 Euros) ($1 = 3.0697 Polish Zlotys) (Reporting by Adrian Krajewski; Editing by Christian Lowe)