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Pannon GSM makes healthy profit, loses market share in 2004

Hungary's second largest cell phone company Pannon GSM Rt reported Ft 45.3 billion Q4 sales revenue last year, down 3% year-on-year. In spite of the weak fourth quarter, full-year revenues were 3% higher than in 2003, totaling Ft 176.3 billion. The company posted Ft 5.9 billion pre-tax profit in the last three months of 2004 as a result of 15% income growth, with an even higher 18% increase achieved in the whole year when pre-tax income reached Ft 33.6 billion. Although Pannon's customer base swelled by 4% to 2.96 million between 2003 and 2004, its market share shrank from 35.8% in December 2003 to 33.9% at the end of last year.