UTLM Posts Weak 4Q10 Financials
OREANDA-NEWS. February 17,
Millennium Capital deems the news as NEGATIVE for Ukrtelecom. Although the company’s net loss shrank to UAH 259mn (vs UAH 470mn in 2009), it widened on a quarterly basis (UAH 196mn in 4Q10 vs MFKe UAH 12mn and UAH 111mn in 3Q10) signaling a significant deterioration in performance. Ultimately, EBITDA margin contracted by 10.5pp qoq to 9.5% in 4Q10, whereas net margin deteriorated into negative low teens (-11.7% in 4Q10 vs -3.8% in 3Q10).
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