Romtelecom, one of the largest telecom operators on the local market, is working on a three-year business plan, which maps out lower profit in 2008, a move which the company's management hopes will trigger an upward trend in 2009 and 2010. "We are building a business plan which provides for lower profit in 2008, in order to ensure growth over the next few years. In order to follow a growth trend for the next three years, one has to make some sacrifices in the first year. Thus, 2008 will not be as good as 2009, and a lot worse than 2010," Yorgos Ioannidis, Romtelecom's CEO, told ZF. The business plan will be submitted for approval to the company's board of directors. The operator reported a net profit worth 19.5 million euros during the last 9 months of 2007, compared with 41.6 million euros in the same period of 2006. Romtelecom posted revenues worth 895 million euros in 2006, down by over 30 million euros against 2005, while in the first 9 months of 2007, revenues were worth 649 million euros, also down on the previous year. The company announced that its priorities for 2008 were to increase its revenues and operating efficiency, and to choose its investments very carefully, placing its money only in those segments or products, which can bring fast cost cuts for the company.
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