Cosmote reaches three million milestone

31 Oct 2007

Romanian mobile operator Cosmote says it has signed up three million subscribers since it was relaunched in December 2005 and is now the country’s fastest-growing cellco. The company, which is backed by Cosmote of Greece, says it is on target to reach positive EBITDA performance in 2008 and net profit in 2009. Formerly known as Cosmorom, the firm first launched GSM services in 2000 but failed to make an impression on the market; Cosmote took over as majority shareholder in July 2005 and immediately announced plans to invest EUR450 million (USD648 million) to revive the struggling operator.