The Bulgarian telco Vivacom has reported a 1.2% fall in revenues for 2011 to BGN885.9 million (USD593 million). Mobile service revenues were up 17% at BGN327.2 million, but this failed to offset a drop in fixed line sales to BGN517.6 million. Net profit decreased to BGN8.4 million, largely due to discontinued operations and the drop in fixed line revenues. Although the wireline business is in decline, the cellular side of the operation is performing well, with subscriptions up by 28% year-on-year, meaning the company can now claim a combined fixed/mobile customer base of over four million.
Formerly known as Bulgarian Telecommunications Company (BTC), Vivacom is controlled by private equity firm PineBridge Investments which is itself owned by Hong Kong-based Pacific Century Group. It was reported last month that international telcos including Turkcell and Telekom Austria are interested in acquiring Vivacom, although there has been no official announcement of any negotiations.