ForthNet displays healthy broadband take-up, but losses mount

16 Mar 2011

In its end of 2010 report, Greek alternative telco ForthNet reported that its number of active local loop unbundled (LLU) broadband and fixed line subscribers reached 445,000, up by 129,000 in the year. It also said that its ‘Nova’ pay-TV service had attracted 392,000 subscribers by the same date, and bundled broadband and pay-TV customers reached the 100,000 mark by the end of the year. Overall annual revenues of EUR410 million (USD572 million) grew from 2009’s figure of EUR377 million, and 2010 saw a 21.3% growth in telecoms (excluding pay-TV) revenue to EUR214 million. EUR65.7 million adjusted EBITDA in 2010 was a slight improvement on EUR64.9 million the previous year, and the company attributed the ‘significant improvement in group performance’ to the integration of its pay-TV and telecoms operations and the continued improvement of results at the telecoms division. However, consolidated losses after taxes totalled EUR86.8 million in 2010, including a loss of EUR46.8 million from pay-TV operations and a negative contribution of EUR40.0 million from telecoms; all net losses grew from 2009’s figures of EUR41.2 million (consolidated), EUR14.6 million (pay-TV) and EUR26.6 million (telecoms).

Greece, Forthnet (Nova)