Unquoted Belgacom NV – 51% owned by the Belgian state, 49% by the consortium of Ameritech Inc, Singapore Telecom Ltd, TeleDanmark A/S and three Belgian investors, says that consolidated net profit for 1996 rose 21% to the equivalent of $371m and that revenue rose 9.1% to $3.96bn. The company, which with the help of its investors is struggling to shake off a hard-won reputation of being just about the most obstructive and inefficient phone company in the developed world, says it expects to see further growth in its results, excluding extraordinary items, in 1997. The Belgacom group will continue efforts to improve its competitive position in view of total deregulation of the telecommunications market on January 1 1998, it added.
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