Mobile telephony operator Cosmote Romania posted a gross profit worth 85.64 million euros (310.34 million RON) last year, over 12 times as much as the net turnover, worth 7.07 million euros (25.64 million RON), according to data published by the company in the Official Gazette. Last year's net profit stood at 79.7 million euros, as shown by the data published by the Cosmote group. The amount of profit recorded in 2005 is surprising for an operator that launched its operations in the last month of last year and had less than 50,000 clients in its portfolio. However, according to Cosmote officials, the profit was a result of accounting operations performed last year: firstly the company changed its shareholders and secondly the company's operations were re-launched under a new brand. "The profit posted in the course of 2005 is not operational and reflects the cancellation of debts to suppliers and third parties, following a transaction in which 70% of Cosmorom was bought by Cosmote Group," Antonis Kerastaris, CFO of Cosmote Romania explained for ZF.
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