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Oct 31, 2007 11:20 EEST
October 31 (SeeNews) - Bulgaria's dominant fixed-line operator BTC on Wednesday said its unconsolidated net profit for the first nine months of the year fell 10% to 194.9 million levs ($143.9 million/99.6 million euro) as costs rose faster than revenue.
BTC’s market share on the fixed-line market is shrinking as competition is growing. The company set up a wireless unit in late 2005, Vivatel, in an attempt to offset falling revenue from fixed-line services.
Following are figures from BTC's preliminary unconsolidated income statement, filed with the Bulgarian Stock Exchange, where the company is listed (in millions of levs).
The unconsolidated results of BTC do not include the performance of Vivatel.
Earlier this year, AIG Global Investment Group (AIGGIG) bought 65% of BTC for 1.08 billion euro (1.5 billion) from Novator, a company owned by Icelandic tycoon Thor Bjorgolfsson. AIGGIG later increased its stake in BTC to 90.07% and said it plans to delist the company from the BSE.
BTC shares last traded at 0808 GMT at 11 levs, unchanged from the previous close. AIGGIG has launched a buyout bid offering to pay 11.30 levs per share to minority shareholders.
(1 euro = 1.95583 Bulgarian levs)
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