Thursday, November 5, 2009

Starcomms Profits Are Up 5% for Q3

Nigerian CDMA operator Starcomms has announced its results for the nine months ended 30 September 2009, reporting revenue of NGN25.6 billion (USD171.6 million), up 5% compared to NGN24.3 billion in the same period a year earlier, on the back of increased subscriber growth.
 
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the period grew 305% year-on-year to NGN6.74 billion due to higher revenue and operational efficiency. Meanwhile, the company posted a positive operating profit of NGN603.7 million for the first nine months of 2009, compared to a loss of NGN2.42 billion a year earlier.
 
Unrealised foreign exchange losses contributed to a loss before taxation of NGN1.11 billion, attributed to the decline in value of the naira. At 30 September 2009 Starcomms recorded an active customer base of 2.466 million, up 60% year-on-year.
 
Maher Qubain, Starcomms' CEO, commented: 'Given the challenging economic climate, rising fuel prices and the fierce level of competition initiated by other CDMA operators in the form of high subsidies on handsets, I am pleased with the company's performance and excellent EBITDA earnings.'

No comments: