Armentel revenues grow 27% in H1

Armentel revenues grow 27% in H1

Interfax
Sept 7 2004

Yerevan. (Interfax) – Armentel, Armenia’s national telecommunications
operator, reported revenues up 26.9% year-on-year to 38.483 million
euros in the first half of 2004, including 51.6% to 11.477 million
euros from cellular services.

Revenues amounted to 12.669 million euros from international services,
12.662 million euros from local services, and 1.675 million euros
from other services, according to company statements.

EBITDA (earnings before interest, tax, depreciation and amortization)
was 21.725 million euros in the half.

Armentel had 137,530 cellular subscribers as of July 1, up from
111,000 at the beginning of the year. The company plans to increase
its mobile subscriber base to 180,000 by the end of 2004.

Greece’s OTE, which owns 90% of Armentel, reported the Armenian company
posted net profit up 65.8% year-on-year to 6.3 million euros in the
second quarter of 2004. Operating income grew 22.7% to 21.1 million
euros in the second quarter.

Armentel expects equity to increase to 131.597 million euros by the
end of 2004, from 125.791 million euros on July 1.