Net profit fell to 967 million crowns ($39.57 million) from 1.952 billion crowns, missing the average estimate in a Reuters poll that saw a 40 percent decline in the quarter.
The Czech group has seen falling revenue from its fixed-line and mobile businesses because of tougher competition in recent years but it had posted an 11 percent profit rise in the fourth quarter of 2013 when it booked one-off network sharing compensation.
O2 Czech Republic said full-year 2014 operating revenue declined 5.4 percent to 44.69 billion crowns, putting it in line with guidance of a smaller annual decline than the 6.5 percent fall in 2013.
The company, majority owned by Czech billionaire Petr Kellner's PPF investment group, said it expected mobile non-SMS data revenue and revenue in the Slovak market would stay growth drivers in 2015.