Telecommunication company Telia Sonera posted a strong profit for 2004 but announced plans to restructure operations to cope with tough market competition, the group reported Friday. The group posted net sales of 81.94 billion kronor (11.60 billion dollars) for 2004 compared with net sales of 81.77 billion kronor for 2003. Net income for 2004 totalled 12.96 billion kronor, up from 7.67 billion kronor in 2003. "We are pleased to announce a record high result at the same time as we have maintained or improved our market positions and managed to make some targeted key acquisitions," said Chief Executive Officer Anders Igel. Telia Sonera was formed through the December 2002 merger of Sweden's Telia and Finland's Sonera. Management planned to restructure operations with savings of some 5-6 billion kronor during the coming three years, Telia Sonera said. Some 650 jobs were to go in Finland, while the statement did not specify how many jobs would be affected in Sweden. In its forecast, Telia Sonera said the group expected strong price pressure in the coming years, and "strong migration from fixed to mobile and Internet-based services". Strong growth was also expected in Eurasia, Russia and Turkey. The number of customers totalled 63 million in Telia Sonera and its associated companies, a 30 per cent increase on 2003, the group said. In addition to Sweden and Finland, Telia Sonera also has operations in Norway, Denmark, the Baltic states, Russia and Turkey.
