ForthNet’s losses increase on user acquisition costs

3 Sep 2007

Greek alternative fixed line and internet services provider Forthnet has posted a EUR17 million (USD23 million) net loss for the first half of 2007, compared to the EUR5.7 million loss reported in 1H 2006, despite six-month revenues rising 15.4% year-on-year to EUR56.7 million. Six-month EBITDA loss came in at EUR13.3 million, down from a EUR300,000 gain in the first half of 2006, which the company attributed to new subscriber acquisition costs. The operator signed up a record 34,869 net new customers in the second quarter of 2007, driving a 2Q year-on-year revenue jump of 19.4% to EUR30.2 million.

Greece, Nova (formerly Forthnet)