ForthNet 1H losses creep up; expects profit in second half

1 Sep 2008

Greek alternative operator ForthNet reported first half losses of EUR22.2 million (USD32.5 million) compared with losses of EUR17.0 million in the corresponding period of 2007 due to high amortisation costs. Revenues in the six months ended 30 June 2008 were driven up by 22% year-on-year to EUR69.3 million by strong uptake of the telco’s unbundled local loop (ULL) broadband and fixed line services. Its broadband customer base reached 230,710 at mid-2008, including 145,800 ULL connections (up from respective totals of 189,267 and 42,580 a year before). ForthNet, Greece’s second largest DSL-based provider by subscribers, expects to turn a profit in the second half of the year. Excluding amortisation, 1H losses came in at EUR5.1 million versus EUR11.8 the year before. ForthNet is a subsidiary of Emirates International Telecommunications (EIT) which jointly holds a 33.9% stake with its Maltese subsidiary GO via holding company Forgendo; EIT also has stakes in operators including du (UAE) and Mattel (Mauritania).

Greece, Forthnet (Nova)