Greek mobile group Cosmote reported a 24.6% year-on-year rise in net income in the second quarter, to EUR101.6 million (USD138.6 million), helped by strong subscriber growth, the effects of its takeover of the Germanos retail chain in Q4 2006 and forex gains. Revenues for the three months ended June 2007 climbed 36.6% to EUR738.4 million, and EBITDA improved by 22% percent to EUR248.4 million. Cosmote operates in five countries: Greece, Albania, Bulgaria, Macedonia (FYROM) and Romania, through its respective units Cosmote Greece, AMC, Globul, Cosmofon and Cosmote Romania respectively. Total net subscriber additions in Q2 2007 reached 870,000 to give it a total of 13.1 million customers at the end of June 2007, a 39.4% increase from a year ago and on track to exceed a target of 15 million in 2009. The retail network of Germanos was the driving force behind much of the growth, accounting for around 63% of total net subscriber additions (excluding Albania) in Q2 2007 compared to around 38% a year before. Romania had the highest number of new additions at over 350,000, whilst Cosmote Greece added over 250,000 customers. Cosmofon in FYROM added 18,000 new subscribers in the second quarter to end June with 515,785 users.
Cosmote reported 37.5% year-on-year consolidated revenue growth for the first half, and H1 profit growth of 12.5%. Overall, international revenues in H1 2007, accounted for approximately 31% of group revenues (excluding Germanos), within targets set by the firm in 2005 (30%-35%), despite domestic operations continuing strong revenue growth throughout the period and Romanian operations still being in an early development phase. Total group CAPEX reached approximately EUR219 million in H1 2007. Romania accounted for around EUR84 million of the investment as it continues investing heavily to expand its network capacity. Greece absorbed EUR65 million and Bulgaria a further 37 million. Group net debt stood at EUR2.5 billion at the end of June, following a dividend payment of EUR244 million at the end of the month.