PrimeTel’s revenue up 2.5% in 2014

9 Mar 2015

Cypriot quadruple-play operator PrimeTel, which secured the Republic’s third mobile network operating licence in January 2014, has published its financial results for the twelve months ended 31 December 2014, reporting revenues of EUR41.964 million (USD45.70 million), up by 2.5% from EUR40.910 million in the corresponding period of 2013. The operator attributed the positive development to ‘the securing of the licence for the third mobile telephony network, the enrichment of the television content and the increased cooperation with other providers of telecom services’. However, PrimeTel reported net loss of EUR5.396 million at 31 December 2014, down by 80.9% from EUR2.982 million in 2013, mainly due to the costs associated with the ongoing deployment of its own mobile network. EBITDA for the period under review also decreased, by EUR382,907 year-on-year, to EUR11.186 million. PrimeTel, which until recently offered MVNO-based mobile services, launched its own mobile network in the last week of February 2015 (when it switched on nationwide 3G coverage shortly ahead of a 4G launch).

Cyprus, PrimeTel (Cyprus)