UPDATE 1-Magyar Telekom affirms outlook, reviews U.S. listing

* CFO confirms 2010 revenue, EBITDA guidance

* To review U.S. listing in next few months

* Stock drops 0.8 pct, underperforms wider market

(Adds comments, detail, shares)

BUDAPEST, May 12 (BestGrowthStock) – Magyar Telekom (MTEL.BU: )
affirmed its 2010 revenue and profit guidance on Wednesday and
said it would review over the next few months whether it still
needed a presence on the New York Stock Exchange (NYSE).

The announcement follows a decision by Magyar Telekom’s
parent Deutsche Telekom (DTEGn.DE: ) in April to delist from the
NYSE to cut costs. [ID:nWEB0926]

“If you look at the reasons behind a U.S. listing, this was
very important when we did it because now we have a very solid
international investor base,” Magyar Telekom Chief Financial
Officer Thilo Kusch told reporters.

“The biggest investor bloc in our shares other than Deutsche
Telekom is from the U.S., so to get there it was important. Is
it important today to have a listing in New York? Probably not.”

The company affirmed its 2010 revenue and profit guidance
despite first-quarter results on Tuesday having come in below
market expectations. [ID:nLDE64A1G1]

The company targets a 5 to 7 percent decline in full-year
revenue and earnings before interest, taxes, depreciation and
amortisation, or EBITDA.

“We stick to the guidance for this year,” Kusch said. “It
does include indeed as we always have said that towards the end
of the year we do expect a recovery, and it also includes that
we will look further into efficiency measures.”

Kusch said the company would probably cut marketing costs,
extend a hiring freeze and review certain supplier arrangements.

At 0740 GMT, Magyar Telekom stock traded down 0.8 percent at
650 Hungarian forints, underperforming the blue chip (.BUX: )
index which rose 0.5 percent.

Stock Market Today

(Reporting by Gergely Szakacs; Editing by David Holmes)

UPDATE 1-Magyar Telekom affirms outlook, reviews U.S. listing