Business News

Telekom Slovenije Plans Net Profit of EUR 55M for 2012

Ljubljana, 22 December (STA) - Slovenia's telecom incumbent plans a net profit of EUR 55m for next year, according to the business plan for 2012 with a projection by 2016 which was endorsed by the supervisory board of Telekom Slovenije on Wednesday.

The group made a net profit of EUR 37.7m in the first nine months of this year, up six-fold on the same period last year. The target for the year was surpassed as net profit for 2011 was planned at EUR 28.1m.

The 2012 plan follows the guidelines and goals of the group's mid-term strategic plan, which was adopted this year. The goals include revenue and profit growth, market shares retention, development of international wholesale, profitable growth in subsidiaries abroad and a systematic reduction of purchasing costs.

Next year, the company will focus its efforts on increasing investment potential, cost management and improving the efficiency of business processes, according to a release issued by Telekom Slovenije on Thursday.

A report by Deloitte auditors on an extraordinary review of operations of Telekom companies in Macedonia, which was commissioned at the request of the shareholders' meeting, will be discussed by the supervisory board in January, when decisions on potential legal action will be taken.

The supervisors charged the management in July 2010 to initiate proper legal steps against the previous management of the company after an audit report found a number of faults in the takeovers in Macedonia and of search engine

Chairman Ivica Kranjcevic reported to the shareholders in March that a damages suit had been filed in case of one deal in which sufficient grounds for action had been established. Unofficial information has it that former senior employees are being sued. A further suit is also being prepared.

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