Cosmo Bulgaria (GloBul) has posted a net profit of EUR6.4 million for the first half of 2005, reversing a net loss of EUR6.9 million a year earlier. The cellco, Bulgaria’s second largest mobile operator, attributed the positive results to strong turnover and subscriber growth. In the six-month period, subscribers grew by 51% year-on-year to 1.9 million, and total revenues rose 59.4% to EUR117.5 million. Earlier this month the cellco arranged a three-year EUR75 million syndicated loan with Bank Austria Creditanstalt to cover costs stemming from the extension of its GSM network. At the end of June GloBul controlled roughly 35% of Bulgaria’s wireless market, behind rival GSM operator MobilTel with around 64%. Analogue NMT network Mobikom accounts for only an estimated 1% of the country’s subscribers. In February Mobikom was acquired by domestic fixed line incumbent BTC, which is planning to launch its own GSM network, Vivatel, by the end of this year.
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