GloBul posts EUR6.4 million net income in 1H

26 Aug 2005

Cosmo Bulgaria (GloBul) has posted a net profit of EUR6.4 million for the first half of 2005, reversing a net loss of EUR6.9 million a year earlier. The cellco, Bulgaria’s second largest mobile operator, attributed the positive results to strong turnover and subscriber growth. In the six-month period, subscribers grew by 51% year-on-year to 1.9 million, and total revenues rose 59.4% to EUR117.5 million. Earlier this month the cellco arranged a three-year EUR75 million syndicated loan with Bank Austria Creditanstalt to cover costs stemming from the extension of its GSM network. At the end of June GloBul controlled roughly 35% of Bulgaria’s wireless market, behind rival GSM operator MobilTel with around 64%. Analogue NMT network Mobikom accounts for only an estimated 1% of the country’s subscribers. In February Mobikom was acquired by domestic fixed line incumbent BTC, which is planning to launch its own GSM network, Vivatel, by the end of this year.

Bulgaria, Telenor Bulgaria