HTCC reports 3Q results

14 Nov 2008

Alternative fixed line telco Hungarian Telephone and Cable (HTCC), which trades under the Invitel banner, has announced its results for the quarter ended 30 September. The company said its 3Q08 results reflect the inclusion of its recent Memorex and Tele2 Hungary acquisitions for the full quarter, both of which were not included in 2Q07. HTCC said its third-quarter revenue increased by 32% year-on-year from USD116.1 million to USD53.1 million, and its gross margin increased by 55% to USD91.2 million, compared to USD58.7 million for the third quarter of 2007. Income from operations increased by 114% to USD28.5 million, up from USD13.3 million a year earlier, while the net loss attributable to common stockholders for the third quarter 2008 widened to USD20.1 million from USD11.2 million. HTCC’s Mass Market Voice division said revenue grew by 26% year-on-year from USD33.3 million to USD41.8 million in the third quarter 2008, mainly due to the inclusion of Tele2 Hungary which was acquired in October 2007. Its HTCC’s Business unit posted revenue of USD40.4 million, up 17% y-o-y, mainly as a result of foreign exchange movements. In functional currency terms, Business revenue was flat compared to 2007, it said.

HTCC’s Mass Market Internet division continued to grow, driven by strong demand for high speed DSL internet access services both inside and outside its historical concession areas. HTCC’s Mass Market Internet revenue increased to USD14.9 million in the third quarter 2008 as compared to USD11.6 million in the third quarter 2007. HTCC increased its broadband DSL customer base from approximately 115,000 subscribers as of the end of the third quarter 2007 to approximately 135,000 subscribers as of the end of the third quarter 2008. HTCC’s Wholesale revenue increased 53% from USD36.6 million in the third quarter 2007 to USD56.0 million in the third quarter 2008, primarily due to the Memorex acquisition.

Hungary,Invitel (a subsidiary of DIGI),

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