eircom reports rise in underlying profits

16 Nov 2006

Irish fixed line incumbent eircom has reported a 13% year-on-year increase in underlying profit for the three months to 30 September 2006 on the back of a 23% rise in revenues to EUR494 million (USD632.7 million). Earnings before interests, tax, depreciation and amortisation (EBITDA), and one-off items were EUR168 million in the period under review, while EBITDA for its fiscal first half was up 11% at EUR330 million on sales of EUR977 million, 22% higher year-on-year. In the wake of the statement eircom announced plans to spend a further EUR300 million on new infrastructure projects over the next three years, on top of the previously announced capex of EUR750 million, in a bid to improve the network of its mobile subsidiary Meteor and to deliver faster broadband services. The former monopoly, now owned by Babcock & Brown Capital and the employee share ownership trust (ESOT), had 325,000 broadband customers by the end of October, while its mobile arm had 742,000 subscribers.

Ireland, eir, eir Mobile