Банкеръ Weekly

Briefs

GOOD OR BAD BTC WILL MAKE A PROFIT

According to preliminary information Bulgarian Telecommunications Company (BTC) is expected to finish the financial 2000 with a net profit of BGL134.789MN, said Elena Georgieva, BTC Executive Director. Its accounting profit would be BGL200.573MN, while results are in accordance with the Bulgarian Accounting Standards.
Compared to 1999 BTC will report a 16% increase of operative income. Its accounting profit, compared to 1999, has grown by 36%, and its balance-sheet profit - by 39%. Last year the state telecom's income amounts to BGL846.277MN. This is 3.3% above the target, which is a result both of the increased number of standard services provided and the offering of ISDN, Internet, radio and TV services, etc.
BTC will pay about BGL65MN in taxes. According to this indicator it will be ranked among the first companies in the Bulgarian Chamber of Commerce and Industry's classification.
At the first attempt of BTC privatization in 1998, the Deutsche Bank intermidiaries estimated its market value in the range USD800MN - USD1.2BN. One year later, however, the consortium between the Dutch KPN and the Greek OTE offered just USD600MN. During his last visit in Bulgaria, Juha Kahkonen, leader of the IMF mission to Bulgaria, once again demanded for a speed up announcement of the new startegy for BTC privatization. At his meeting with Vice Prime Minister Jotev he requested the announcement to be made till March 31, 2001. Accoridng to some sources, the Council of Minsters will most probably offer the Parliament to approve the sale of about 33% of the company's assets to a strategic investor, authorising him for the policy making. The only company which has officially declared its interest in studying and eventually participating in the new tender, was the Greek OTE.

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