Meteor falls on higher amortisation, depreciation costs

10 May 2010

Meteor Mobile Communications has filed its full-year results for the period to 30 June 2009 which show that pre-tax profits fell 25% year-on-year to EUR37.2 million (USD47.5 million) from EUR49.7 million, on the back of high restructuring costs. The Republic’s third largest mobile operator by subscribers said the fall in income came despite a 2% hike in full-year revenues to EUR491.2 million, with the primary factor being a 95% spike in amortisation or depreciation of intangible assets – which climbed to EUR18 million – and a 21% year-on-year rise in depreciation costs to EUR66 million. Earnings before interest, depreciation and amortisation (EBITDA) increased by 8% y-o-y, from EUR115.8 million to EUR125.6 million, largely the result of the cost-cutting programme implemented during the course of the year. The Eircom-owned unit’s filings also show that Meteor’s operating costs in the year to 30 June 2009 were trimmed from EUR365.0 million to EUR362.5 million, The Irish Times reports.

Ireland, eir Mobile