In the second quarter of 2011 Vip operator’s mobile subscriber base increased by 42.9% to more than 504,900 customers. Mobile market share improved to 22.7% at the end of the second quarter 2011 compared to 17.1% at the end of the second quarter in the previous year.
Revenues continued to exhibit strong growth, rising by 56.9% to EUR 13.2 million. Monthly Fee and Traffic revenues increased as a result of a steadily growing subscriber base and higher usage. Furthermore, Interconnection and Equipment revenues rose due to higher volumes and a higher number of handsets sold. As a result of the rise in revenues average revenue per user (ARPU) increased by 15.1% to EUR 7.6.
Higher revenues translated into an EBITDA comparable growth which improved from a negative amount of EUR 1.6 million in the second quarter 2010 to a positive EBITDA comparable of EUR 0.5 million in the second quarter 2011. Operating expenses increased by EUR 2.7 million to EUR 12.8 million due to higher material expenses driven by the number of handsets sold and higher personnel expenses as a result of a rising number of FTE. Furthermore interconnection expenses increased as a result of higher volumes.