Банкеръ Weekly

Briefs

BTC INCREASED PROFIT

Bulgarian Telecommunications Company (BTC) reported BGL131.625MN profit after tax for 2000, which is about 10% increase compared to 1999 results. Income from services amounts to BGL848.411MN. Turnover of services rendered by BTC has increased about 16% compared to 1999, said to the Banker weekly Elena Georgieva, BTC Corporate Policy Executive Director. It is a result mainly of the automated telephone traffic, rented lines, incoming international traffic and the ISDN service expansion, which is still persistent in these days around Easter.
According to Georgieva the profit before tax results have also improved. The increase of the so called accounting profit has increased by approximately 33%, which indicates a considerable difference between company income and expenses. This indicator is extremely important for us, continued she. The biggest expenses come from depreciation (35%), which is a result of the investments in LT tangible assets.
BTC has not wilfully increased the salaries of its employees. The company belongs to a Council of Ministers list of state monopolistic companies, which cannot change fixed salaries without a special ordinance. Salary expenses increased by 5% mainly due to the 2000 paid leaves which were not used. In accordance with AS 19 and with Ministry of Finance regulations they were reported as expenses. That on its side lead to increase of salary expenses in the balance sheet by BGL5MN, but this is not a salary increase. These compensations even have not yet been paid, informed Georgieva.
The reduction of profit tax from 25% to 20% allowed BTC to service its international liabilities, and for the first time it has no liabilities to foreign operators, but on the contrary, it is expecting to receive about USD1.5MN. In 1996 the company liabilities amounted to USD30MN.
BTC investments in 2000 amounted to USD118MN. According to plans this year they should increase because of the lifting of monopole of the general telephone service in 2003. BTC liabilities to the state and municipalities amount to BGL65MN.

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