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Pannon GSM profits rise sharply in Q2

Mobile phone company Pannon GSM Zrt, the Hungarian unit of Norway's Telenor, posted pre-tax profits of Ft 9.52 billion (274 million Norwegian crowns) in the second quarter of 2006, up 21.2% from the same period a year earlier, according to Telenor's Q2 report published on Friday.

Operating profits rose 35.9% to Ft 9.73 billion in Q2 2006. Q2 total revenues fell 4.7% to Ft 49.6 billion. The number of subscriptions increased by 8,000 in Q2 2006 to 2,947,000, giving Pannon a market share of 33%, slightly down from 34% at the end of Q1 2006. Total mobile revenues measured in forints increased by 3% due to a higher number of subscriptions and increased average usage, Telenor said in the report.
Q2 EBITDA rose 25% to Ft 19.7 billion. EBITDA margin improved to 39.7% from 32.3% in Q2 2005, primarily due to higher subscription and traffic revenues and lower costs related to sales and marketing activities, according to the report.