According to a Dow Jones newswire report, the company's CEO Christopher Mattheisen said the company will move from its current second place position (with a 28% share of the market) within the next 12-18 months.

Although the company projected a 6-8% decline in revenues for the quarter, Mattheisen said, "There are positive underlying trends and we see some favorable economic indicators."

The company has been conducting an iternal audit for the period of 2000-2005, regarding accounting discrepancies in regard to contracts with Macedonia and Montenegro, according to a report in The Economist.

Magyar Telekom trades on the Budapest exchange and NYSE. It's shares have risen by nearly 20% since a summer low in July, but are still down nearly one third since a peak in October 2009. Shares were trading as slightly over $16 following the announcement.