Telekom Austria, the former monopoly part-owned by Mexican billionaire Carlos Slim, said on February 28 that it returned to profit in 2012 despite a "highly competitive" market and weak economic conditions. Net income improved to a profit of 103.8 million euros ($136 million) from a loss of 252.8 million euros in 2011, while operating income rose to a positive 456.8 million euros from a negative 7.6 million euros.
Revenues however fell 2.8 percent to 4.3 billion euros due to lower sales in its home market and in Bulgaria, one of a string of other countries where the company is active in eastern Europe.
Slim, 73, who last year topped the Forbes rich list with a fortune of some $69 billion, bought a 10-percent stake last year as he sought to expand his telecoms empire into Europe that has since risen to over 20 percent. He also part-owns KPN of the Netherlands. Telekom Austria remains 28-percent owned by the state.
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