Mobile services supplier Cosmote had both its revenues and profits before tax go up in the first nine months of this year, to EUR 349 million in revenues, and EUR 89 million in profit. The year-on-year increase in revenues was of 2.1 percent, but profit increased by much more: 27.4 percent. Cosmote had 6.4 million customers at the end of September this year, a quarter of which had subscriptions, and the rest, pre-paid services.
Third quarter revenues were however down by 2.2 percent, to some EUR 120.6 million, mostly because of the decline in revenues from services.
Cosmote Group’s profit in the first nine months of the year was up by EUR 34 million, to some EUR 222 million, according to the most recent financial results posted by parent company OTE. Cosmote includes several subsidiaries in Greece, Albania, Bulgaria, as well as Romania. Revenues were however down – from EUR 1.9 billion in the first nine months of 2o011, to EUR 1.85 billion.
Meanwhile, parent company OTE saw revenues down some EUR 150 million, but profit was boosted to EUR 229 million, from a mere EUR 12.9 million in the first nine months of 2012. All companies in the group seem to have followed a similar pattern of decreasing revenues but increasing profits, which suggests similar measures being take across the group to improve finances. Operating expenses were down, while the costs with depreciation, amortization, impairment and cost of early retirement program were also reduced.
Earlier this year, Cosmote Romania bid for and won several blocks of mobile spectra in Romania, for a total of EUR 179.9 million. The company already placed EUR 37 million as cash collateral. The company has to pay EUR 52 million in November 2012, and EUR 128 million in June 2013.
(photo source: Shopping City Sibiu)