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Telenor Hungary Q2 EBITDA falls 18% yr/yr

Telenor Hungary, the Hungarian unit of Norway-based telecommunications group Telenor, said EBIDTA in the second quarter fell 18% to HUF 14.2 billion on higher taxes

Telenor Hungary said a HUF 3.2 billion yr/yr fall in second-quarter EBITDA was mainly due HUF 2.4 billion in extra taxes levied on the telecommunications sector. Telenor Hungary said smartphone-related expenses and lower revenue from individual subscribers also contributed to the unit's decline in Q2 EBITDA.

The company's EBITDA rose HUF 1 billion from the first quarter of this year.

Telenor Hungary generated revenue of HUF 39.6 billion in the second quarter of 2011, down 4.1% yr/yr, though up 5.3% from the first quarter.

The company had 3.536m subscribers at the end of the second quarter of 2011, down 18,000 from 3.554 subscribers at the end of Q2 last year.

Hungary’s government ─ which introduced "crisis taxes" on companies in the telecommunications, energy and retail industries in 2010 ─ said it would phase out the extraordinary sector-based taxes after 2012.