Hungary’s dominant telecom services provider Magyar Telekom (MTel), backed by German giant Deutsche Telekom, reported a full year loss in 2011 as tax charges and an impairment charge relating to its Macedonian operation – arising from a reassessment of ‘fair value’ – pushed 4Q11 losses to HUF40.3 billion (USD185 million). Reuters quotes the Hungarian firm as saying: ‘The main reason for the impairment is a 15%-25% reduction in the ten-year revenue growth plans of the Macedonia segment prepared in 2011, compared to the plans prepared a year before’. Industry analysts had expected MTel to book a fourth-quarter loss of around HUF8.9 billion on the back of an ongoing contracts investigation and the negative impact of a government-imposed telecoms tax in Hungary.
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OVETEL MTel swings into the red on tax, impairment charges
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