Slovak Network Reports Record Earnings

The Slovak Republic's EuroTel Bratislava has announced a record EBITDA up by 34.7%, of US$29.3 million for the quarter ended June 30, 2003. EuroTel also announced that it ended the second quarter of 2003 with 1,370,993 customers, an 18% increase compared to the customer count at June 30, 2002. Net customer additions amounted to 58,423 in the second quarter, a 38% increase over the 42,215 net customer additions in the same period of last year.

EuroTel's CEO Robert Chvatal said: "Our second quarter results prove that our customer base growth has accelerated as compared to the first three months of this year. We are also very happy with the loyalty of our Postpaid customers which has resulted in lower churn figures in first half of 2003 compared to the same period of 2002. Both of these positive developments are the result of EuroTel's focus on quality of sales and customer service as well as continuous improvement of network coverage. Recently, we commissioned Slovakia's first HotSpots, providing fast wireless Internet access to our customers. Innovation remains one of EuroTel's main advantages and we are committed to developing services that will enable our customers to get more from their life."

Ivan Bosnak, EuroTel's Chief Financial Officer, noted: "In the second quarter of 2003, EuroTel continued its strong performance, driven by growth in its customer base and increase in prepaid ARPU. We generated positive free cash flow both in the last three months and the last six months and have witnessed upgrades in our ratings by both Moody's and Standard & Poor's."

EuroTel's 24.7% increase in mobile service revenues for the second quarter of 2003 over the same period of 2002 was primarily driven by growth in the number of both postpaid and prepaid customers, as well as by an increase in ARPU."

Posted to the site on 14th August 2003