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Teo increases subs across all services

Lithuanian telco Teo ended March with 138,500 TV subscribers having increased its customer base by 28% during the previous 12 months.

Announcing its first quarter results, the telco said the number of broadband subscribers was up 10.5% year-on-year to 352,700. The number of telephony subs stood at 679,600.

Teo reported consolidated first quarter revenue of LTL185.8 million (€54 million), and net profit of LTL37.7 million, compared with LTL192 million and LTL43 million a year earlier. EBITDA for the first three months of 2011 was LTL73.9 million, down on LTL81.4 million for last year’s corresponding quarter. During the first quarter, the telco allocated LTL14.6 million for investments, the majority of which went to expanding its core and fibre-optic access networks.

“We see that the number of business customers already tends to grow, while the number of bad debts is decreasing. These can be regarded as signs of economic recovery that are encouraging us for the whole year,” said ArÅ«nas Šikšta, Teo’s general manager.