O2 announces 2016 profit increase on almost flat turnover

One of the Czech Republic’s biggest telecoms companies, O2, announced a 4.0 percent jump in net profit to 5.3 billion crowns (196 million euros) on Tuesday. Year-on-year turnover climbed by a more modest 0.4 percent to 37.5 billion crowns. Company bosses said the increased profit for 2016 came despite a much tougher regulatory environment. 02 is just over 80 percent owned by the PPF group of the richest Czech, Petr Kellner. Big telecoms companies are under fire for offering generous packages to corporate clients which appear to be cross subsidized by high charges on private customers.