From a growth company a decade ago, the Company has changed into a utility cash cow, in line with the majority of the telecommunications sector. From the peak of nearly CZK 65 bil, the Company's sales have been declining as market saturation and increased competition and regulatory pressure have been taking their toll. The net profit reached CZK 6.8 bil in 2012, down 42% compared to 2008. Despite the deteriorating profitability and generous dividend payout, the Company operates without any debt
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