Cosmote’s first half profit down slightly at USD200 million; sales up 31%

25 Aug 2006

Greek mobile group Cosmote’s net profit for the first half of 2006 came in 1.2% lower year-on-year at EUR156.7 million (USD200 million) on higher depreciation for international investments, and increased financial expenses. 1H turnover was in line with forecasts, rising 31.1% to EUR1.037 billion from EUR791.2 million a year ago. Domestic revenues rose 8%, as the number of Greek subscribers rose to 4.88 million at the end of June, up from 4.38 million a year ago. Overseas operations contributed around 25% of total sales. Six-month EBITDA was up 14.1% year-on-year to EUR394.6 million, in line with average analyst expectations. In Bulgaria, Globul’s sales rose 33% over the half-year, with the EBITDA margin rising to 37% from 32.4% in the first half of 2005. Cosmofon in the Republic of Macedonia showed stable growth with revenues rising 42% and EBITDA margin settling at 13.7%. Albanian unit AMC continued a positive trend, posting revenue up 8.7% in the second quarter and maintaining its EBITDA margin for the six months to the end of June. Cosmote claimed that the recently re-launched Cosmote Romania is winning market share, following substantial investments to improve its network and establish its brand name in the market. During Q2 the Romanian unit added 256,000 net new subscribers, bringing the total number of customers to 531,000, around 86% of whom took a pre-paid option.

Greece, Cosmote (old)