ForthNet loses EUR7.3 million in 1Q on DSL costs

31 May 2007

Greek alternative telco ForthNet’s revenues increased by 11% year-on-year to EUR26.4 million (USD35.5 million) in the first quarter of 2007, while EBITDA losses reached EUR5.8 million, versus EBITDA profit of EUR1.6 million a year ago, largely due to mounting broadband subscriber acquisition costs. As a result, net losses rose from EUR1.7 million in 1Q2006 to EUR7.3 million in 1Q2007. Broadband net additions reached 27,000 in the three months ended 31 March, lifting ForthNet’s total DSL subscriber base to 127,000, 8,800 of which used fully unbundled local loop services.

Greece, Forthnet (Nova)