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Lithuanian telecom TEO LT says H1 2014 net profit down 15.7% y/y to EUR 18.5mn [IntelliNews - Weekly Reports](IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Lithuania's largest telecommunication, IT and television services provider TEO LT, part of the TeliaSonera Group, said that its net profit fell 15.7% y/y to LTL 63.7mn (EUR 18.5mn) in the first half of 2014. TEO's revenue shrank 4.7% y/y to LTL 343.3mn impacted by decreasing revenue from voice services. However, the company's EBITDA margin for the first six months of 2014 increased to 42.8% from 42.6% a year earlier due to a new organisational setup that reduced operating expenses by 5%. The telecommunications company invested LTL 36mn in January-June 2014, with the majority of the investments (LTL 32mn) financing the further expansion of its core network and also the development of a next-generation fiber-optic access network. Some LTL 3mn were used for the development of IT systems. (c) 2014 Emerging Markets Direct Media Holdings LLC Provided by SyndiGate Media Inc. (Syndigate.info). |