The Serbian national operator posted a decline of 49.5%, dropping from 22.27 billion dinars in 2011 to 11.25 billion dinars ($131.75 million) for 2012. Costs rose to nearly four times of its 2011 figure to 12.36 billion dinars while company assets dropped in value from 172.9 billion dinars to 165.3 billion dinars.
State-owned operator Telekom Srbija had previously raised €470 million through a bank syndicate in 2012 in an effort to consolidate ownership and refinance its debts.
The Serbian government remains open to selling Telekom Srbija if its €2.5 billion valuation is met, according to reports from Bloomberg.
