HTCC (Invitel) Q1 revenues up 168%

15 May 2008

Alternative fixed line and broadband operator Hungarian Telephone and Cable Corp (HTCC), which trades under the Invitel banner, has reported revenue of USD131.5 million for its first quarter ended 31 March 2008, up 168% compared to revenue of USD49.1 million for the first quarter 2007. HTCC said its gross margin increased by 216% to USD75.8 million, from USD24 million in Q1 2007, while income from operations rose 236% from USD6.7 million to USD22.5 million. HTCC’s net income attributable to common stockholders for the first quarter 2008 was USD4 million, compared with a net loss of USD54.7 million in the first quarter 2007. HTCC saw its ADSL subscriber base increase by 12,000 to 124,000 in the year to 31 March, mainly due to the addition of Invitel to its portfolio. The company is hoping to launch an IPTV service in the near future and said income from internet services rose from USD1.1 million in Q1 2007 to USD13.5 million a year later. Commenting on the results, HTCC president and CEO Martin Lea said: ’I am very pleased with our first quarter 2008 financial results. One year after the Invitel acquisition and the installation of a new management team and six months after the Tele2 Hungary acquisition, I am happy to report that we have made excellent progress in combining the companies and capitalising on the synergies and growth opportunities.’

Hungary,Invitel (a subsidiary of DIGI),

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