ForthNet’s net losses widen, but EBITDA turns positive

19 Mar 2009

Greece’s largest alternative broadband operator ForthNet has reported a widening of net losses in 2008 to EUR40.5 million (USD53.0 million) compared to EUR32.5 million the previous year. However, it turned around an EBITDA loss of EUR20.1 million in 2007 to post a positive EBITDA of EUR6.5 million last year, on consolidated revenues that rose from EUR119.4 million to EUR218.2 million in the same period. From 1 September 2008 pay-TV provider Nova has been consolidated in the Forthnet group. In 2008 telecoms (including broadband, fixed voice and business services) revenues totalled EUR147.6 million, up 23.6% year-on-year.

ForthNet’s number of active unbundled local loop (ULL) broadband customers stood at 208,000 at end-December, up from 76,000 at end-2007, which gave it a 32.1% share of the ULL market, according to data collected by regulatory authority the EETT. ForthNet’s total retail broadband subscribers reached 274,000, up from 205,000 a year earlier; under the altnet’s shift in focus towards ULL services, the number of connections wholesaled by incumbent telco OTE and resold by ForthNet fell by a net 63,000 in the twelve-month period.

Greece, Nova (formerly Forthnet)