Cosmote revenues grow 38.5%, due to Germanos consolidation
Greece-based mobile operator Cosmote reports that its consolidated revenues increased by 38.5 percent during the first quarter to EUR 687.9 million compared with the first quarter of 2006. This was the result of the consolidation of the operations of Greece-based mobile retailer Germanos, without which the group organic growth has reached 12.5 percent. The organic growth was cause by strong revenue growth in all international operations and growth in Greece, driven by outgoing voice traffic, making up for the interconnection rate cuts. International operations in Albania, Bulgaria, Romania and Macedonia account for approximately 31percent of Group revenues excluding Germanos. Cosmote’s Q1 EBIITDA grew 12.7 percent to EUR 215.2 million and the net profit remained effectively flat at EUR 74.7 million, due to increased financial expenses and 15.2 percent higher depreciation and amortisation charges. Cosmote Group’s customer base has exceeded 12.2 million, a 38.3 percent increase from a year ago and well on target to exceed 15 million in 2009.
