Nigerian Starcomms Q2 net loss trebles, revenue up 7%

Mergers, Acquisitions and Financial Results

Nigerian fixed-wireless operator Starcomms has posted its fiscal results for the six months ended 30 June 2009, recording a 7% rise in revenue year-on-year to NGN16.9 billion (USD107.8 million). The company’s earnings before interest, exchange difference, tax, depreciation and amortisation (EBITDA) grew by 193% to NGN4.7 billion, up from NGN1.6 billion posted in the first six months of 2008.

Starcomms has said its increased revenue is thanks to a 95% rise in subscribers, to bring its total CDMA customer base to 2.484 million at 30 June 2009, compared to 1.27 million a year earlier. Active data subscribers increased 58% in the first half of 2009 to 124,178, up from 78,778 a year earlier.

Meanwhile, the fixed-wireless operator posted an operating profit of NGN829.1 million, compared to an operating loss of NGN826 million in 1H 2008. However, net losses more than trebled to reach NGN3.68 billion in the second quarter to 30 June 2009 due to foreign exchange losses.