Greek triple-play broadband operator Hellas Online (HOL) has released its financial results for the nine months ending 30 September 2014, reporting total revenues of EUR161.3 million (USD201 million), down 5% from the same period in 2013, due to a reduction in fixed network termination rates and intense competition in the market causing a decline in the average revenue per user, as well as non-recurring income for the nine months to 30 September 2013. EBITDA dropped to EUR41.3 million from EUR53.4 million in the corresponding period for 2013, while net debt declined by EUR8.6 million compared with the previous year, falling to EUR152.7 million. Investments increased 5.1% against 9M13 to EUR26.6 million, with the operator having focused on developing its fibre-optic network and Next Generation Access (NGA) technologies, FTTx and VDSL. The acquisition of HOL by Vodafone Greece was completed on 25 November, with HOL confirming the two companies will continue to operate separately and focus on network expansion and coverage.
Managing director Dionysis Grigoratos commented on the 9M14 results, saying: ‘Hellas online continues to expand its customer base and presents strong operating profitability, despite the intense competition of the broadband market. In addition, the completion of the agreement with Vodafone Greece is an important development in the Greek telecommunications market.’