Russian cableco on a roll
By Chris Dziadul
February 9, 2010 09.54 UK
The Russian cable operator ER-Telecom has posted a net profit of R339 million (€8.13 million) for 2009, as opposed to a loss of R970 million a year earlier. Its EBITDA meanwhile amounted to R1,376 million, compared to a negative R457 million in 2008.
As of the beginning of this year, the company had 2.012 million subscribers (31% more than a year earlier) and 973,000 (+10%) received cable services. Internet users stood at 969,000 (+62%) and telephony 70,000 (+25%).
E-R Telecom expects its revenues to grow by 40% this year to R6.4 billion. It also intends to raise up to $500 million (€365.8 milion) as part of its development strategy until 2014.
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