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Tele2 AB Q2 Profit From Cont. Opns Drops

Tele2 AB (TLTZF.PK,TLTZY.PK) reported that its net profit from continuing operations for the second quarter 2019 dropped to 107 million Swedish kronor from 559 million kronor in the previous year.

Profit after financial items or EBT was 0.3 billion kronor compared to 0.7 billion kronor in the prior year.

But, net profit from total operations for the second quarter 2019 significantly increased to 2.13 billion kronor from the prior year's 443 million kronor, reflecting a 1.6 billion kronor capital gain from the sale in Kazakhstan and a goodwill impairment of -0.5 billion kronor in Estonia. Earnings per share was 2.98 kronor compared to 0.81 kronor in the previous year.

Revenue for the quarter grew 33 percent to 6.79 billion kronor from 5.11 billion kronor last year, due to the merger with Com Hem. Organic revenue declined by 2 percent, mainly hurt by decline in end-user service revenue and equipment revenue in Sweden.

The company proposed an extraordinary dividend of 6 kronor per share to distribute the proceeds from the transactions in Kazakhstan and the Netherlands to its shareholders.

For 2019, the company still expects mid-single digit growth of underlying EBITDA excluding IFRS 16.

In Mid-term, the company still expects low-single digit growth of end-user service revenue, mid-single digit growth of underlying EBITDAaL.

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