Globul Subscribers Up, Revenues Down in Q2

Telenor recently acquired Bulgarian operation, Globul, saw its revenues in the second quarter fall 15.1% to EUR 87 M on an annual basis, even though its total customer base increased.

This decline is chiefly due to cuts in both domestic and international MTRs as part of the regulatory glide path introduced on 1 July, 2012. National MTRs in Bulgaria have also been reduced to EUR 0.022 per minute on 1 January 2013.

Service revenues dropped by 18.9% in the second quarter compared to the same period last year.

The MTR cuts had a negative impact on Q2 EBITDA, which decreased by 12,3% to EUR 34,2 M.

Globul’s total customer base exceeded 4.6 million at the end of Q2, up 6.4% from the prior-year level.

Earlier this week Stein-Erik Vellan, who was named CEO of Telenor recently acquired Bulgarian operation, Globul, introduced the new top management appointments.

The Norwegian incumbent in April agreed to buy Globul and retailer Germanos from Greece's OTE for EUR 717 M.

Globul & Germanos were consolidated in the Telenor Group on August 1, 2013.

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