Eesti Telekom announces 2Q results

Eesti Telekom, the Estonian operator, has reported its financial results for the second quarter ended 30 June 2008, revealing a net profit of EUR6.5 million (USD10.3 million), a 6.4% fall from June 2007. Revenues fell to EUR100.1 million (USD158 million), as a result of the reduction in interconnection fees by the state regulator in November 2007. Eesti also indicated that slowing sales of telecoms equipment had impacted revenues, with the operator also confirming it is to continue its strategy of reducing personnel to cut operating costs. Wireless subscriber figures show a rise from last year, up to 755,000, and according to TeleGeography’s GlobalComms database, Eesti operates both GSM and 3G services under its Eesti Mobiiltelefon subsidiary, claiming 47% market share.