Telekom Austria hopes to have stabilised core profits in its fiercely competitive domestic market next year through cost cuts and less generous handset discounts, its finance chief said on Wednesday.Hans Tschuden told the annual Morgan Stanley Technology, Media and Telecoms conference in Barcelona that an end to price wars between Austria's three mobile operators was now in sight following an unexpectedly expensive frequency auction that hurt all three, and that Telekom Austria might stop subsidising phones so heavily."With measures of cost-cutting, reviews of subsidy policy, we should be able - maybe, if everything turns out fine - to see a stabilisation of EBITDA (earnings before interest, tax, depreciation and amortisation) in Austria," Tschuden said."There is now a more rational approach to the market than there was before," he said.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 1.05% or $0.32/share to $30.66. In the past year, the shares have traded as low as $16.15 and as high as $30.78. On average, 13210200 shares of MS exchange hands on a given day and today's volume is recorded at 4242020.
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