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Sep 26, 2023 15:49 EEST
September 26 (SeeNews) - Mobile operator Yettel Bulgaria reported net profit of 42 million euro ($44.5 million euro) in the first half of 2023 against 58 million euro in the like period of 2023, Netherlands-based PPF Telecom Group said.
Revenue at Yettel Bulgaria came in at 243 million euro as at end-June, up from 216 million euro in the first six months of 2022, PPF Group said in an interim financial statement last week.
Revenue in the period was mostly generated by mobile phone subscriptions, or 177 million euro, up from 156 million euro in the first half of 2022.
As of end-June, Yettel Bulgaria had 3.26 million mobile subscribers in Bulgaria, holding a 35% share of the local market.
Infrastructure provider Cetin Bulgaria, also part of PPF Group, generated first-half net profit of 27 million euro on revenue of 69 million euro. This compared with net profit of 21 million euro on revenue of 60 million euro in the same period of 2022.
Energy and personnel costs were the biggest expenditure drivers during the review period across the group, PPF added.
The company said it has hedged a potential long-term energy price risk in Bulgaria by procuring renewable energy thanks to a 10-year power purchase agreement (PPA) with Electrohold, the energy arm of local conglomerate Eurohold Bulgaria [BUL:EUBG].
In August, parent company PPF Group agreed to sell 50% plus one share in its telecoms assets in Bulgaria, Hungary, Serbia and Slovakia to Abu Dhabi-based Emirates Telecommunication Group Company, known as Etisalat by e&, for up to 2.5 billion euro including earnout.
The transaction, which is subject to customary closing conditions including regulatory clearances, is expected to close in the first quarter of 2024.
($ = 0.9432 euro)
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