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TDC posts ‘satisfactory’ first quarter results

7 May 2010

Danish telecoms operator TDC has posted a 1.8% rise in revenue in the three months ended 31 March 2010 to DKK9.062 billion (USD1.55 billion), up from DKK8.899 billion in the same period a year earlier. Earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled DKK3.345 billion, up 8.1% compared to 1Q09, while EBITDA margin rose from 34.8% to 36.9% at end-March 2010. Gross profit rose 1.6% year-on-year to reach DKK6.448 billion. ’Our first-quarter performance is satisfactory. We continued to increase our earnings, and maintain our positive revenue trend line despite challenging market conditions, intense price competition nnd the impact of regulation,’ commented Henrik Poulsen, CEO and president of TDC. TDC expects continued revenue growth of 1%-3% for the group in 2010, and EBITDA growth of 3%-4%.

The Danish company’s customer base grew 4.9% year-on-year to 11.681 million in the first three months of 2010, including 8.645 million domestic subscribers (up 6%). In its home market, TDC posted 3.374 million mobile users, a rise of 10% year-on-year, while fixed line voice customers declined 4.7% to 1.948 million, down from 2.045 million at end-1Q09. In comparison, voice-over-IP (VoIP) users jumped 151% year-on-year to 379,000, while retail broadband customers increased 13% to reach 1.299 million and total TV subscribers grew 8.8% to 1.27 million at 31 March 2010. TDC’s Swiss subsidiary Sunrise generated revenue of DKK2.5 billion in 1Q10, up 4.5% to compared to the year-ago quarter, while EBITDA for the unit climbed 16.2% to DKK700 million. The operator’s mobile customers rose 5.3% year-on-year to 1.878 million, while fixed telephony customers dropped 10% to 618,000 and internet users grew only 1.7% to 356,000. Last month the Swiss Competition Authorities rejected the planned merger of Sunrise and France Telecom’s Swiss unit, Orange. TDC says it is currently reviewing its options and next steps with the French company regarding the blocked merger.

Denmark, Sunrise Communications

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