BELGRADE (Serbia), July 22 (SeeNews) – Norwegian telecommunications group Telenor said its Serbian unit turned to operating profit of 128 million Norwegian crowns($20 million/15.9 million euro) in the first half of 2010 from an operating loss of 1.7 billion crowns a year earlier.
In the second quarter alone, Telenor Srbija turned to an operating profit of 84 million crowns from an operating loss of 1.8 billion crowns a year earlier, Telenor said in its January-June interim report late on Wednesday.
The Serbian company’s revenues decreased to 1.2 billion crowns through June from 1.5 billion crowns a year earlier while EBITDA (earnings before interest, tax, depreciation and amortisation) fell 21% to 483 million crowns.
The number of subscriptions decreased by 7,000 during the second quarter to 2.9 million at the end of June, resulting in a flat subscription market share of 34%, Telenor said.
Serbia has issued Telenor a permit to operate the country's second landline system alongside incumbent telco Telekom Srbija.
Telenor competes on the Serbian market of some 7.5 million people with Telekom Srbija's wireless unit, MTS, and VIP mobile, a unit of Telekom Austria.
Telenor is present in 13 countries. In southeast Europe, it also operates in Montenegro.
Telenor has operations in 13 countries and considers eastern Europe one of its core markets.
(1 euro=8.0243 Norwegian crowns)