Invitel Holdings reports stable revenues in FY11

Hungarian altnet Invitel Holdings says revenue from continuing operations reached EUR195.1 million (USD256.5 million) for the year ended 31 December 2011, representing a 1% increase compared to the previous year. The carrier, a wholly owned subsidiary of Matel BV, said segment gross margin for FY2011 decreased by 1% year-on-year from EUR160.9 million to EUR159.7 million, as operating expenses increased by 2% from EUR46.2 million to EUR47.0 million in the same period. Invitel booked an operational loss of EUR42.0 million in FY2011, reversing the EUR29.3 million profit recorded in the year to 31 December 2010. The carrier said the loss was attributable to a EUR61.6 million increase in depreciation and amortisation charges. Net income (loss) from continuing operations was a negative EUR47.5 million for the year ended 31 December 2011, although the loss was marginally narrower than the net loss of EUR48.8 million booked in FY2010, reflecting a decrease in net financial expenses of EUR29.2 million, a decrease in tax charges of EUR14.9 million and a gain of EUR28.5 million accounted for in relation to the acquisition of FiberNet. On 28 February 2011 Invitel acquired FiberNet and its subsidiaries, FiberNet Zrt, Dunaweb Tavkozlesi and Donet-Info. The results of the unit – collectively known as FiberNet – were included from 1 March 2011 in the consolidated financial statements of Matel BV. On 30 September 2011, FiberNet was merged into Invitel.