Albanian Mobile Communications reports profitable income

TIRANA, Nov.9 – Greek wireless operator Cosmote reported on Thursday that its Albanian unit, Albanian Mobile Communications (AMC), had an 11.9percent annual rise in its net income compared to last year. In a nine-month report income was reported to be 36 million euro ($45.9 million). Cosmote also disclosed revenue figures which also increased by 7.8percent. The following were said in the consolidated nine-month financial report of the group”…AMC demonstrated another quarter (July-September) of solid performance, leading to 7.8% revenue growth for the nine months of 2006, at 110.1 million euro, and consolidated its market lead while sustaining its profitability levels. During the first nine months of 2006, AMC contributed approximately 7.0% to consolidated revenues and 10% to group EBITDA.”
Compared to last year, AMC’s earnings before interest, tax, depreciation and amortization (EBITDA) rose 6.2% for the first nine months, reaching 65.5 million euro.
Cosmote also explained the situation of their market share in Albania. AMC’s market share was estimated at around 52% at the end of June. The number of subscribers, and especially the pre-paid contract customers, rose by 51,499 new additions. This figure translates in a 18.2percent rise compared to last year. The total number of subscribers in Albania thus reaches 900,965, almost one third of the total population.
The group’s total consolidated revenues reached 1.63 billion euro and its EBITDA for the end of September stood at 643.1 million euro.
AMC is Albania’s first mobile operator. It is owned 85percent by Cosmote, which bought the shares for $85.6 million in 2000. The 15 percent remaining is owned by the Albanian state. AMC’s major competitor is Vodafone Albania. It is expected that upon the successful privatization of Albtelecom, the fixed-line phone operator, another third mobile phone operator, called Eagle Mobile, will be launched.