T-Mobile CR, the No.2 domestic mobile operator, reported its German GAAP H1 results yesterday. It improved its top-line performance in a y-o-y comparison as the client base growth on the near-saturated market still more than offset a BLARPU decline (-3%) - a reflection of intensifying competitive pressures. This had a negative effect on the EBITDA margin (otherwise supported by cost reduction efforts), which fell by 2.8 percentage points y-o-y to 44.3%, and reduces the effect of rising sales on EBITDA.
The 39% stake in T-Mobile CR is the most valuable asset of Ceske radiokomunikace; the parent company reported an H1 unconsolidated pre-tax profit of CZK 39m two weeks ago.
GGAAP, CZKm HI 2004 HI 2003 change
Sales 12,653 11,652 8.6%
EBITDA 5,601 5,486 2.1%
Net profit 2,061 1,949 5.7%
Cust.mil.eop. 4.08 3.61 13.0%
Jan Hájek, Patria Finance