Polkomtel CEO: Ebitda Seen Declining Less Than 10% In 2009

Polkomtel, Poland's top mobile phone operator by revenue, may see its earnings before interest, taxes, depreciation and amortization, or Ebitda, fall by less than 10% in 2009, the company's chief executive said Tuesday.

"If our Ebitda is several (percentage points) lower than last year, it will deserve to be called a success," Jaroslaw Bauc said on Radio PiN.

"What hit us the most was the situation on the foreign exchange market, as we buy practically all of our technology abroad," he added.

Bauc also said Polkomtel's revenue from core business will stay flat this year as demand remained sound.

Polkomtel's Ebitda totaled 3.1 billion zlotys ($1.1 billion) last year.

At the start of the global financial crisis in late 2008, the zloty entered its most volatile period in Poland's recent history, taking it from an all-time high of 3.2009 zloty against the euro in July 2008 to near its all-time low, hitting PLN4.9240 against the euro in February. The zloty retreated to around PLN4.5 at the end of the second quarter and PLN4.2 at the end of the third quarter.

Polkomtel is owned by Polish state-controlled companies. Power company PGE holds 21.85%, oil refiner PKN Orlen (PKN.WA) holds 24.39% and copper miner KGHM (KGH.WA) also holds 24.39% in Polkomtel.

Britain's Vodafone Group PLC (VOD.LN) owns 24.39% of the firm.

Company Web site: http://www.polkomtel.pl

-By Marcin Sobczyk, Dow Jones Newswires; +4822 447-2432; marcin.sobczyk@dowjones.com

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