Recession takes a Bite out of Q4 results

26 Feb 2010

Lithuanian telecoms company Bite has posted its results for the three months ended 31 December 2009, recording a decline in revenue from EUR46.4 million (USD62.6 million) in 4Q08 to EUR42.2 million a year later, as GDP in the company’s two countries of operation contracted by 18%. Of the group’s total turnover, EUR35.2 million was generated by the company’s Lithuanian division in the fourth quarter of 2009, down from EUR41.3 million a year earlier, while service revenue from Bite Latvia increased to EUR7.4 million compared to EUR5.3 million in Q4 2009. The group’s consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) for the period increased to EUR8.5 million compared to EUR7 million for the fourth quarter of 2008. Bite Lithuania contributed EBITDA of EUR10.1 million, down from EUR11.1 million in the same period a year earlier, while the company’s Latvian operations saw negative EBITDA narrow from EUR3.3 million to EUR1.3 million in 4Q09. Fred Hrenchuk, CEO and chairman of the management board at Bite, commented: ‘Throughout the recession, our consistent focus on serving our customers has resulted in improved performance at the EBITDA level quarter over quarter and level when comparing full year 2008 to 2009.’

Bite Lithuania ended 2009 with 1.015 million mobile customers (53.4% of which were pre-paid users), up 5.8% compared to the 959,456 recorded at 31 December 2008, while Bite Latvia saw its wireless subscribers grow 52.7% during 2009 to 188,733 at year-end (55.9% pre-paid).

Lithuania, Bite Latvia, Bite Lithuania