Elisa posts flat 1Q 2010 revenue, EBITDA

23 Apr 2010

Finland-based Elisa Corporation has released its financial results for the three-month period ended 31 March 2010, meeting, if not surpassing, expectations. Elisa, which has commercial operations in both Finland and Estonia, posted a consolidated group revenue of EUR353 million (USD470.9 million), almost unchanged from the EUR351 reported for the same period a year earlier. Earnings before interest, tax, depreciation and amortisation (EBITDA) were also flat, rising just 0.8% year-on-year to EUR115 million. Profit before tax however tumbled from EUR53 million in 1Q 2009 to EUR10 million, although Elisa noted that excluding one-off items it would have registered a 1.8% y-o-y growth to EUR54 million. Commenting on the results Elisa CEO Veli-Matti Mattila noted: ‘Elisa’s revenue developed well in the first quarter of the year despite the general economic uncertainty. The growth of the mobile business and the demand for our new services boosted the consumer customer business. The impact of the general economic situation was seen mostly in the corporate customers business and in Estonia.’

In operational terms, at the end of March 2010 in Finland Elisa had 3.068 million subscribers, while its Estonian subsidiary had signed up a total of 363,500 customers. Elisa also noted that in Finland a ‘significant proportion’ of the 97,700 net additions to its Finnish mobile customer base had signed up to 3G services. At end-March 2010 Elisa also had 461,900 broadband subscribers, down from 467,100 three months earlier.

Finland, Elisa Corporation