Serbian incumbent grows profit

March 3, 2014 11.16 Europe/London By Chris Dziadul

Telekom SrbijaTelekom Srbija has posted a net income of RSD15.3 billion (131.3 million) for 2013.

This, according to local reports, was 36%, or almost RSD4 billion, more than in the previous year.

The telco, whose interests include an IPTV service named Open TV, invested RSD13 billion in 2013, or RSD605 million more than a year earlier.

It also managed to reduce its debt to the state by around 205 million.

Telekom Srbija lists the Republic of Serbia as its majority (58.11%) shareholder, with Telekom Srbija (20%) holding the next highest stake.