3 Ireland rings up EUR152m in losses

10 Oct 2007

Ireland’s sole 3G-only mobile operator 3 Ireland had accumulated losses of EUR152 million (USD213.5 million) by the end of December 2006, according to a report in the Irish Independent citing the company’s recent filing with the Companies Office. In addition, 3 racked up an operating loss of EUR88 million last year, double the figure reported in 2005. The Republic’s fourth mobile operator, 3 has signed up only 180,000 subscribers, putting it well behind established rivals Vodafone Ireland, O2 Ireland and Meteor. Nonetheless, the company is upbeat saying it is growing its market share and also making inroads in the broadband market following the launch earlier this year of a EUR19.99 per month services for 10GB of data.

3 Ireland posted revenues of EUR20.5 million in 2006, up from EUR1.3 million the previous year. Pre-tax losses amounted to EUR99.9 million though, more than double the EUR43 million loss posted in 2005. The net book value of the operator’s 3G licence was EUR39.7 million at 31 December 2006, down from EUR42.3 million in December 2005.