ForthNet Q1 net losses widen to USD19.4m

3 Jun 2008

Greek alternative telecoms operator ForthNet reported first quarter losses of EUR12.5 million (USD19.4 million) for the three months ending 31 March 2008, up from a loss of EUR7.3 million a year ago. The group’s first-quarter EBITDA loss was EUR7.9 million, from EUR5.8 million in the corresponding period of 2007, despite revenues climbing 27% year-on-year to EUR33.6 million. ForthNet said it had 133,000 unbundled local loop (ULL) subscribers at the end of the period under review, a market share of around 30%, while its share of all Q1 2008 net additions reached 32%. The alternative operator hopes to become EBITDA positive in the second half of this year.

Greece, Forthnet (Nova)