Vivacom Full Year Profits Nearly Triple

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Bulgaria's Vivacom has reported a near tripling of its full year profits of BGN 20.3 million (USD14 million). The company said that the strong development was a result of the telecom's optimization of costs and better positioning of its products and services portfolio in 2012.

Vivacom's revenues from mobile services increased steadily by 7.8% on annual basis to BGN 397.8 million, despite the reduction in the termination rates. For the same period customers increased by 16.8%, while the growth in mobile internet users was 71.6% for 2012. TV subscribers increased by more than 84% over the same period.

The results allowed the company to compensate for the decline in fixed telephony revenue and that led to a decrease in total revenue by only 3.4% to BGN 857.9 million (USD590 million) in 2012.

The financial position of the company remained stable with funds in bank accounts and short-term bank deposits amounting to BGN 63.9 million at the year-end and paid dividends of the amount of BGN 158 million.

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