Telekom Austria: USD390m impairment charge in Belarus will impact ‘significantly’ on 2011 income

Former state monopoly Telekom Austria says a USD390 million impairment charge in Belarus – where it owns the country’s second largest cellular operator Mobile Digital Communications (MDC, or Velcom) – will have a ‘significant impact on its full year net income for 2011. Bloomberg writes that the impairment charge was triggered after the Austrian group switched its accounting to take hyperinflation into account in Belarus, although Telekom Austria has reassured the market that the decision will not negatively impact on revenue or EBITDA forecasts

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OVETEL Telekom Austria: USD390m impairment charge in Belarus will impact ‘significantly’ on 2011 income