Swedish operator Telia reports 71 percent fall in net earnings

  • 2002-08-01
  • Agence France Press, Stockholm
Swedish telecom operator Telia reported a first half net profit of 157 million kronor (16.6 million euros), down 71 percent from 541 million kronor in the first six months of 2001.

Adjusted operating profit from the company's core activitis fell 54 percent to 828 million kronor from 1.79 billion kronor.

Core or unadjusted operating profit rose 9.58 percent to 6.96 kronor billion kronor from 6.63 billion kronor in the first half 2001.

Sales in the period rose 1.6 percent to 28.23 billion kronor.

Telia, carrying debt of 10.33 billion kronor, reiterated July 25 that its strategy now is to focus on core activities while selling off some non-core operations and subcontracting others.

The company in March announced plans to merge with Finnish operator Sonera, which will result in the largest telecom operation in the Baltics.

Both Telia and Sonera own stakes in several Baltic fixed-line and mobile operators.

In order to win approval for the deal from the European Commission, the two parties agreed that Telia would sell its mobile telephone interests in Finland along with Comhem, its cable television and high-speed Internet unit.