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Pannon GSM revenue declines nearly 10% yr/yr in Q1

Telenor-owned Pannon GSM, Hungary's second biggest mobile-communications service-provider, generated revenue of HUF 39.2 billion (€141.22 million) in the first quarter of 2009, down 9.7% from HUF 43.4 billion in Q1 of 2008, the company reported on Wednesday.

Pannon GSM had EBITDA of 16.5 billion in the first quarter of 2009, down 9.8% yr/yr.

The company spent HUF 1.7 billion on investments in Q1, down 38% yr/yr.

Pannon GSM had 3.6 million subscribers at the end of the first quarter, down 29,000 from the end of 2009.

The company commanded 33% of Hungary's mobile-communications market at the end of the first quarter, down slightly from the end of the fourth quarter of 2009.

The company laid off 250 employees as part of measures taken to increase efficiency during the first quarter.

Oslo-based Telenor is the sixth-largest mobile-telephone operator in the world. (MTI-ECONEWS)