Bite Q2 service revenue slips 1.3%

29 Jul 2011

Lithuanian telecoms group Bite, which provides mobile services in Latvia as well as its domestic market, has announced it generated service revenue of EUR38.4 million (USD15.9 million) in the three months ended 30 June 2011, down 1.3% from EUR38.9 million in the year-ago period. Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 8% year-on-year from EUR11.0 million in 2Q10 to EUR11.9 million twelve months later, while EBITDA margin grew from 28% to 31% over the same period. In Lithuania, Bite generated service revenue of EUR29.3 million in the three months to end-June 2011, down 6% compared to EUR31.1 million in the year-ago period due to interconnect rate reductions and pricing pressure in the market, while EBITDA in its domestic market decreased 4% year-on-year to EUR11.6 million from EUR12.1 million. Bite Latvia’s EBITDA grew by EUR900,000 from –EUR500,000 in the second quarter of 2010 to EUR400,000 twelve months later. Service revenue in Latvia increased 16% to EUR9.4 million in 2Q11 from EUR8.1 million a year earlier. Commenting on the results, Bite’s CEO Fred Hrenchuk said: ‘Bite Latvia was EBITDA positive for the quarter and on a year to date basis. This positive result validates our customer focus strategy and the hard work, dedication of the entire Bite team, and the loyalty our customers have shown to the Bite brand.’

Lithuania, Bite Latvia, Bite Lithuania