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Invitel Holdings publishes 1Q10 financial results

10 Jun 2010

Invitel Holdings, which claims to be the leading alternative fixed line service provider and broadband ISP in Hungary, today published its financial results for the quarter ended 31 March 2010. Consolidated revenue from continuing operations was EUR53.4 million (USD64.0 million) for the period under review, up 5% compared to EUR51.0 million for the three months ended 31 March 2009. The segment gross margin (a measure of profitability) of continuing operations increased by 8% year-on-year to EUR44.9 million, and segment costs and expenses of continuing operations decreased by 19% to EUR16.7 million from EUR20.5 million previously. Income from continuing operations increased by 115% from EUR6.8 million for the January-March 2009 quarter, to EUR14.6 million for the quarter ended 31 March 2010. Net loss of continuing operations was EUR400,000, compared to EUR60.5 million for the quarter ended 31 March 2009. The decreased net loss was attributed to a net foreign exchange loss of EUR50.0 million recorded in the year-ago quarter, while a net foreign exchange gain of EUR6.1 million was recorded for the three months to 31 March 2010.

Commenting on the results, Invitel Holdings’ President and CEO Martin Lea said: ‘We are continuing to face very challenging economic conditions in the Hungarian market and the impact of this is being felt in the residential and retail business segments. Our wholesale business segment has performed well and this together with a continued focus on cost management has enabled us to record an increase in income from continued operations.’ He went on to say his company is continuing to grow its share in the business segment nationally, and looking to maintain a strong position in the residential segment within its traditional concession areas. ‘We therefore feel well placed to benefit from any future improvement in the economic climate,’ he added.

Hungary, Invitel (part of DIGI)

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