For comparison, profit in 2004 amounted to ISK 3,090 m; last year saw a growth in profit of about 30%.  Operating income grew by ISK 1,622 m, or nearly 8%, from ISK 20,419 m to ISK 22,041 m.

The state sold its share in Iceland Telecom last year to Skipti, after which Skipti, Íslenska sjónvarpsfélagið and Landssími Íslands were amalgamated under the name Iceland Telecom Ltd (Síminn hf) as of 30 June 2005.  Share capital was raised from ISK 7,036 m to ISK 30,930 m when the merger took place.  At the end of 2005, two shareholders each held over 10% of the shares: Exista B.V., with 43.7% and Kaupthing Bank, with 29.4%.

The balance sheet reveals that the group’s total assets on 31 December 2005 amounted to ISK 83.255 m, with equity standing at ISK 32,801 m, giving an equity ratio of 39%.  Dividend amounting to ISK 6,333 m was paid out last April, and was set off against the company’s equity.  ROE for 2005 was 19.6% in 2005, against 21.1% in 2004.

Further details of the company’s performance will be given at the Annual General Meeting.