MetroPCS 3rd Quater Profits Sink Despite Higher Revenues

US mobile network operator, MetroPCS has reported 3rd quarter revenues of US$687 million, an increase of 23% over the third quarter of 2007, and income from operations of approximately US$121 million, a decrease of 9% when compared to the third quarter of 2007.

The Company reported third quarter 2008 consolidated net income of approximately $45 million as compared to consolidated net income of $53 million for the same period in 2007.

"We are pleased to report very solid results in the third quarter, highlighted by strong subscriber growth and reduced customer churn when compared to the prior year quarter in both our Core and Expansion Markets. With the current challenging economic environment, the fundamentals of our business continue to show favorable trends and results. These results demonstrate the resiliency of our business as we added approximately 249 thousand subscribers in the third quarter and approximately 1.2 million subscribers during the last four quarters. We also are pleased to report that we have achieved another significant milestone having recently surpassed five million subscribers," said Roger D. Linquist, Chairman, President and Chief Executive Officer of MetroPCS.

"We are also excited about the new opportunities now available to us after the recently signed roaming agreement with Leap Wireless. This agreement covers all of our and LeapĂ's current and future markets, and which, when fully built, could ultimately cover the top 200 markets in the nation and would effectively be a 5th national network," Linquist concluded.

Posted to the site on 5th November 2008