Ukrtelecom posts USD25m net loss in Q1

28 Apr 2011

Recently-privatised Ukrainian fixed, broadband and 3G mobile operator Ukrtelecom has posted a UAH200 million (USD25 million) net loss for the first three months of 2011, following similar losses of UAH196 million in the fourth quarter of 2010. Revenues in January-March 2011 fell by 2.6% quarter-on-quarter to UAH1.63 billion, but thanks to reductions in expenses the firm claimed that its quarterly EBITDA jumped by 55.9% compared to October-December 2010. Ukrtelecom recorded a net loss of around UAH259 million (USD32 million) for full-year 2010, although the annual result was an improvement on 2009’s net loss of UAH470 million. This month the company’s new owner, Austrian fund Epic, revealed it will carry out significant job cuts and drop unprofitable services at the telco.