The Group recorded a strong growth in revenue to reach Rs 11.1billion in Q2 2011 and Rs 22.0billion for 1H 2011 respectively, an increase of 1% QoQ and 9% Year on Year. Group profitability was founded on a healthy momentum in EBITDA growth with Q2 2011 EBITDA being recorded at Rs 3.8billion, an increase of 7% QoQ. Group EBITDA for 1H 2011 was posted at Rs 7.3billion up 3% compared to the corresponding period in 2010. Group Net profit for Q2 2011 was posted at Rs 1.4billion, up 19% QoQ. Net Profit for 1H 2011 was recorded at Rs 2.5billion up 22% Year on Year.
Financial outcomes at Group level were driven by strong performance across the Company and its subsidiaries. Bolstered by a circa 7 million mobile subscriber base, EBITDA at company level increased by 7% QoQ to reach Rs 3.5billion in Q2 2011. Company EBITDA for 1H 2011 however showed contraction by 4% Year on Year, due in the main to an 18% increase in operating costs. Cost expansion is attributable in the main to revenue linked costs associated with International origination and Domestic Interconnection charges, and escalation in network operating costs in line with aggressive expansion of the Company’s 2G and 3G infrastructure footprint. Cost escalation Year on Year was further influenced by the impact of non-recoverable VAT expenditure, pursuant to changes in the VAT environment applicable to the Telecom Industry since January 2011. Company PAT grew by 18% QoQ to be recorded at Rs 1.6billion in Q2 2011. In line with EBITDA contraction on a Year on Year basis, Company PAT in 1H 2011 was recorded at Rs 3.0billion, down 3% relative to the corresponding period in 2010.
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