MTC reports first quarter results

Kuwaiti cellco MTC-Vodafone has reported first quarter 2005 revenues of USD310 million, up from approximately USD250 million twelve months previously. Consolidated EBITDA improved by 28% to USD189 million, while net income came in at USD142 million, a rise of 42%. At the end of March the company’s subscriber base grew 61% year-on-year to total 3.5 million across its operations in Jordan, Bahrain, Iraq, Lebanon and its domestic market. On 29 March 2005 MTC announced that it had entered into an agreement to purchase 100% of pan-African operator Celtel. Once the acquisition is complete the combined company will have 9.5 million subscribers.