Last update: 23.11.2024 14:01 (GMT+2)
EESTI TELEKOM
ANNOUNCEMENT
24.05.99
COMMENTARY ON ESTONIAN MOBILE TELEPHONE COMPANY UNAUDITED FINANCIAL
RESULTS OF THE FIRST QUARTER OF 1999
Net sales of Estonian Mobile Telephone Company Group in the first
quarter of 1999 amounted to 346,4 mln kroons growing by 21,5% in
comparison with the same period in 1998. Total revenue of the Group
in the first quarter were 349,3 mln kroons with annual growth by
21,0%.
Operating expenses of the Group in the first quarter of 1999 totaled
to 180,1 mln kroons with annual growth lower than for the revenue:
19,1%. Depreciation of the three first months of 1999 amounted to
53,2 mln kroons, which gives an essential annual growth – 45,3%.
Consolidated pre-tax profit of Estonian Mobile Telephone Company in
the first quarter of 1999 was 128,2 mln kroons and net profit of the
period amounted to 98,7 mln kroons. In comparison with the same
period in 1998, the results grew by 15,4% and 16,5% respectively.
Net profit ratio into total revenue of the Group was 28,3% (29,4% in
the first quarter of 1998).
Main part of the revenue and expenses were generated by the parent
company: Estonian Mobile Telephone Company Ltd. Net sales of a 100%
subsidiary AS Esmofon in the first quarter of 1999 amounted to 32,9
mln kroons (19,5 mln kroons in the first quarter of 1998). Impact of
AS Tarvin, another 100% subsidiary, on financial results of the
Group was insignificant.
Consolidated assets of EMT Group totaled 1 134,4 mln kroons by the
end of March 1999 having 3-months growth by 9,5%.
Consolidated income statement and balance sheet of the first quarter
of 1999 were prepared in accordance with principles of the
International Accounting Standards (IAS) and in accordance with
effective legal acts regulating accounting in the Republic of
Estonia.
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