Astelit Ends 2009 at Loss of USD 111.8 Million

lifeThe Astelit mobile communication operator, which renders services under the life:) brand, incurred losses of USD 111.8 million in 2009. The Turkcell company announced this in a statement.

In 2009, the company reduced its net revenue by 19.9% or USD 87.6 million to USD 351.1 million, as compared with 2008. CAPEX (capital expenditure) totaled USD 216 million in 2009.

The EBITDA indicator in 2009 made up USD 20.2 million, which is 37.5% or USD 12.1 million less than in 2008.
Commenting on the financial results of the company, senior executive director of Astelit, Tansu Yegen, said that the reduction of the revenues is linked to the devaluation of hryvnia against dollar.

The fall in the level of EBITDA was entailed by the pressure of competition making the operator actively invest into the marketing activity to attract new subscribers.

Tansu Yegen also pointed to positive dynamics of the increment of subscriber’s base in 2009. He expressed hope for dampening of economic crunch aftermath in 2010.

As Ukrainian News earlier reported, Astelit finished 2008 at a loss of USD 326.5 million, having raised its net revenue by 71.4% or USD 182.8 million to USD 438.7 million, as compared with 2007.

The Turkcell company (Turkey) owns 54.8% of the shares in Astelit while the System Capital Management corporation (Donetsk) owns 45.2%.

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