Hungarian fixed and mobile operator Magyar Telekom (MTel) has reported a 45.6% decline in net profit for the July-September 2011 quarter, as an increase in provisions related to an investigation into some foreign contracts combined with the negative impact of a government telecoms tax to hit its bottom line. MTel booked net profit of HUF13.34 billion (USD58 million) in the third quarter of this year, down sharply from HUF24.51 billion a year ago, and below analyst expectations of net income of HUF16.15 billion in a poll conducted by local business news portal portfolio.hu.
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OVETEL MTel’s Q3 profits tumble on tax charge and rising provisions
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