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Vipnet EBIT falls 62% to EUR 10.8mn in H1 [IntelliNews - Weekly Reports]
[August 17, 2014]

Vipnet EBIT falls 62% to EUR 10.8mn in H1 [IntelliNews - Weekly Reports]

(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Telekom Austria said on Aug 13 the earnings before interest and taxes (EBIT) of its Croatian unit Vipnet dropped 61.5% y/y to EUR 10.8mn in the first half of 2014 as revenues declined.

Vipnet's EBITDA fell 26.2% y/y to EUR 44.9mn in January-June 2014, while its revenues declined 7.6% y/y to EUR 175.8mn in the period under review.

Vipnet's results were negatively influenced by fierce competition on the Croatian market and by regulatory effects, Telekom Austria said in a statement.

The drop in revenues was mainly due to lower revenues from interconnection and wholesale, including roaming, following the country's accession to the EU in July 2013. Higher usage could not offset the negative effects of the application of lower roaming and termination glide paths.

The number of mobile subscribers declined 3.8% y/y to 1.83mn in the first half of the year, while the number of fixed-lines rose by 16% y/y to 208,000 at the end of June. However, the positive fixed-line trend only partially compensated the weakness of the mobile business in terms of revenues.

On the Croatian market, Vipnet competes with T-HT (51%-owned by Deutsche Telekom) and Tele2 - the local arm of Swedish telecom company Tele2.

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