Service revenues for GSM mobile telephony operator MobiFon-Connex in the first quarter this year reached $147.6 million. This translates into a 30.5% year on year growth rate, as MobiFon's service revenues in the corresponding period of 2003 were worth $113.1 million. This is the highest growth rate for the company since early 2000.
Estimating its own market share as standing at 48.5%, Connex had more than 3.67 million subscribers at the end of the first quarter, 6.2% more than late last year. 215,096 net subscribers were added between January and March 2004, compared to net additions of 37,557 during the first quarter of 2003. At the end of the same 2003 period, Connex had 2,672,765 subscribers, while the number of clients by December 31, 2003 reached 3.475 million.
Operating income rose 34.4% to $48.1 million, compared to $35.8 million during the first quarter of 2003.
OIBDA (operating income before depreciation and amortisation) stood at $77.3 million. It increased by 17.5% in comparison to the same period last year when it reached $65.8 million.
As of March 31 2004, post-paid subscribers accounted for 37% of MobiFon's total subscriber base in comparison to 35% at the end of the first quarter of 2003. As far as mobile telephony operators are concerned, the increase in the proportion of post-paid subscribers out of total users is beneficial, since this market sector is the most profitable.
"During the past 12 months, we estimate that mobile telephony market penetration in Romania increased to 35% from 24% at the end of the first quarter of 2003. The first quarter of 2004 confirmed the strength of the mobile market in Romania. Total market growth was lower than in the previous quarter due to seasonal variations, but produced the best first quarter ever for MobiFon," reads a report from TIW (Telesystem International Wireless), MobiFon's main shareholder.
The monthly average revenue per user (ARPU) for the first quarter was $12.76 compared to $13.29 for the same period of last year.
Service revenues in 2003 were of $529.5 million, 24.2% more than in 2002.
MobiFon's main shareholder is MobiFon Holdings BV (Netherlands), which is controlled by TIW. MobiFon Holdings owns a 63.54% stake in the domestic operator. The other significant shareholders are Vodafone Europe BV (20.1%) and Deraso Holding (14.4%), both of which are registered in the Netherlands.
iuliana.cerchez@zf.ro
