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-0.000480116391852485 -0.000480116391852485 0.000969932104752647 0.000242483026188119 0.00193986420950529 0.00193986420950529 0.00387972841901059 0.000484966052376409
Stock impact report

Magyar Telekom cuts profit guidance on Hungary windfall tax plan [Reuters]

DEUTSCHE TELEKOM AG S/ADR (DTEGY) 
NASDAQ:AMEX Investor Relations: telekom.com/en/investor-relations
Company Research Source: Reuters
Hungarian government imposed windfall taxes on some businesses to rein in the budget deficit. The company now expects earnings before interest, taxes, depreciation, and amortisation and to show a “moderate decline” this year compared with 3% to 5% growth projected previously. Magyar Telekom said the new tax, which Prime Minister Viktor Orban's government plans to keep in place for two years, would cost it about 25 billion forints ($68.41 million) this year. Orban's government announced windfall taxes worth 800 billion forints ($2.19 billion) on “extra profits” earned by banks, energy companies and other firms last month, hitting Budapest stocks and rattling investors. The measures are needed to rein in the budget deficit partly due to costly tax rebates and other measures that helped Orban to get re-elected in April. Shares in Magyar Telekom, a unit of Deutsche Telekom , have lost some 8% of their value since the windfall taxes were announced, trading at their lowest since t Show less Read more
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