Cosmote Romania: 22.5 mln euro EBITDA in 2008

Mobile phone operator Cosmote Romania, member of Greece's OTE Group, saw earnings before interest, tax, depreciation and amortization (EBITDA) surge 157 percent year-on-year to 22.5 million euros in 2008, declared Konstantinos Apostolou (photo), financial director at Cosmote Romania, cited by NewsIn.

The EBITDA stood on the negative side in 2007, at a value of -39.2 million euros.

The company's general manager Stefanos Theocharopoulos declared that three years after breaking into the Romanian market, Cosmote Romania posted revenues of 311 million euros. The mobile phone operator tripled its market share compared to 2006, reaching 23 percent and a total number of 5.9 million users, up 63 percent on 2007.

Cosmote gained 470,000 new subscribers to reach a total 1.1 million. On the prepaid segment, where Cosmote enjoys a dominant position, the number of users hiked by 1.89 million to 4.78 million.

Since it entered the Romanian market in December 2005, Cosmote invested over 600 million euros and built a team consisting of over 1,000 employees.

Cosmote's main competitors, Orange and Vodafone also saw rises in profits and revenues for 2008, despite the economic slowdown. Orange Romania, one of the leaders on the telecom market, announced nine-month revenues advanced 8 percent year-on-year to 977 million euro, thanks to its more than 10 million clients at the end of September.

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