Cesky Telecom, Telefónica’s new subsidiary in the Czech Republic, has announced a 14% jump in first quarter net profits to CZK1.6 billion (USD68.7 million) from CZK1.4 billion in the first three months of 2004, with a series of cost-cutting measures balancing out a fall in both fixed line and cellular revenues. Revenues for the quarter fell 2% to CZK14.7 billion, with wireline sales down 8% to around CZK8 billion and mobile revenues falling 1% to CZK7 billion. Telefónica of Spain recently paid EUR2.7 billion to acquire the state’s 51.1% stake in Cesky Telecom, which is the largest wireline and wireless operator in the Czech Republic.
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