Invitel reports 2008 financial results

Invitel Holdings, the successor to Hungarian Telephone and Cable Corp (HTCC), last Friday announced its financial results for the full year ended 31 December 2008. In the period under review, Invitel increased its revenue by 44% to USD555 million, compared to revenue of USD385.2 million for the year ended 31 December 2007. Income from operations increased by 76% in full-year 2008 to USD81.1 million, up from USD46.2 million in the previous year, while the net loss attributable to common stockholders narrowed to USD69.2 million, or USD4.22 per (diluted) common share, from USD96.6 million, or USD6.23 per common share for the year ended 31 December 2007. The company’s Mass Market Voice revenues grew by 46% year-on-year to USD157.4 million in 2008, mainly due to the inclusion of the results from its acquisitions of Invitel and Tele2 Hungary. Meanwhile, revenues from its Business unit grew by 28% from USD116.3 million to USD148.4 million, again bolstered by the Invitel acquisition. The company also said its Mass Market Internet business was growing, reflecting the continued growth in broadband DSL internet penetration both inside and outside its historical concession areas. Mass Market Internet revenue increased by 64% to USD55 million in the year ended 31 December 2008, while Wholesale revenue increased 53% from to USD194.2 million.