Poor 1H results force Belgacom to lower forecasts

25 Jul 2008

Poor results for the first half of 2008 have forced Belgacom, the former monopoly operator in the Belgian fixed line sector, to revise its sales forecast for the year to an expected 2% fall. Figures for the period ending 30 June 2008 show that revenues fell 2.5% year-on-year to EUR2.96 billion (USD4.64 billion), while net income fell to EUR471 million from EUR564 million. ‘We are currently operating in a very difficult market; apart from the economic downturn that has had its impact worldwide; we are also facing an extremely tough regulatory and competitive environment,’ said Chief Executive Officer, Didier Bellens. Despite the poor results Belgacom still heads the broadband market according to TeleGeography’s GlobalComms database, claiming 44.7% share at March 2008.

Belgium, Proximus