The Ministry of Communications (MCTI) will select international consultants to complete the privatisation of national telephony operator RomTelecom, the National Radio-communications Company (SNR) and the Romanian Postal Company.
RomTelecom, the fixed telephony and communication services operator, where the State holds a 45.99% stake will be listed on the Stock Exchange "by the end of 2006 at the latest," said the minister of Communications, Zolt Nagy.
The sale of the operator''s ailing mobile telephony arm, CosmoRom has practically opened the operator''s way towards listing.
In the first quarter of 2005, RomTelecom posted revenues worth 225.7 million euros, up 12.2% from the corresponding period of last year and net profit of 46.1 million euros, up 356.4% on 2004. The net profit rate went up from 5% in the first quarter of last year to 20.4% in Q1 2005.
At the same time, RomTelecom has paid part of its debts, which dropped from 105.7 million euros (at the end of last year) to 84.8 million euros. The number of fixed lines operated by RomTelecom dropped 1.1% in the first quarter. The restructuring programme operated in the past few years by the company''s main shareholder has seen the number of employees decrease to 15,447 at the end of March 2005. OTE is the majority shareholder of RomTelecom, holding 54.01% of shares.
By the end of 2006, SNR''s privatisation will also be completed, the minister of Communications added. SNR forecasts a 20-25% growth in total revenues for 2005, up to more than 75 million euros, with net profit set to amount to 10 million euros.
Last year, SNR posted revenues worth 60 million euros. The company has a portfolio including almost 600 clients. A specialised company is auditing the activity of SNR management and, depending on the results, the Board will decide whether to keep or replace the four directors.
As for the Romanian Postal Company, the privatisation procedures may last until 2008.
Part of the company''s stock will be listed on the Stock Exchange, but MCTI would not say whether this is also going to happen in 2006. dan.dragomir@zf.ro
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