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General

Tele2 Q1 profit falls on Kazakhstan writedown

Thursday 21 April 2016 | 08:09 CET | News
Tele2 reported a sharp fall in profit for the first quarter, hurt by its activities in Kazakhstan. Net profit fell to SEK 339 million from SEK 517 million a year ago, mainly due to a writedown of SEK 326 million on the goodwill for the Kazakh activities for the weak economic climate and currency devaluation there. Tele2 said it completed its joint venture with Kazakhtelecom in the quarter and integration has started. Customer and revenue growth is improving, and profits should hopefully follow, thanks to synergies from the joint venture and the withdrawal of unprofitable price plans, the

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Categories: General
Companies: Kazakhtelecom / Tele2
Countries: Europe
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