TIRANA, August 06lbanian Mobile Communications (AMC), the Albanian arm of Greek wireless operator Cosmote, posted a 25.1% annual drop in its first-half operating income to 34.6 million euro, Greek telecoms group OTE, which fully owns Cosmote, said on Thursday.
The number of AMC’s subscribers reached 1.53 million at the end of June, up by 32% from a year earlier.
AMC’s financial results (in millions of euro):
Half-09 Half-08 y/y pct change
Revenues 75.9 91.3 -16.9
Operating Income 34.6 46.2 -25.1
Cosmote increased its stake in AMC to 97.6% earlier this year, adding 12.6% it bought from Albania’s government for 48.2 million euro. In 2000 Cosmote bought an 85% stake in AMC, Albania’s first mobile operator, for $85.6 million.
AMC competes with Vodafone Albania and Eagle Mobile in the country of 3.2 million people. Albania recently awarded its fourth mobile operator license to Kosovo’s postal and telecommunications operator PTK.
AMC’s operating income last year rose by 18.6% to 100.3 million euro, while revenue increased by 8.6% to 191.3 million euro.
Cosmote group first-half total operating income fell 9.4% to 290.9 million euro and its first-half OIBDA (operation income after depreciation and amortization) fell by 2.3% to 511.3 million euro. Its total revenue fell by 4.6% to 1.5 billion euro. The group’s total customer base reached 20.7 million at the end of June.
Cosmote also operates units in Greece, Bulgaria, Romania and Macedonia.
