Meteor records losses of ¤147m
MOBILE phone giant Meteor ran up losses of €146.6m after booking an impairment charge of €112m. Revenues fell by 10.7pc from €458m to €408.9m in the year to the end of June 30, 2011, according to accounts filed by the company.
The impairment charge was driven by lower cash flows within business plans, reflecting increased competition, coupled with weaker trading conditions.
Consumers are also holding back on spending on their mobile phones because of rising unemployment.
The figures show that the company's earnings before interest, tax, depreciation and amortisation dropped by 42pc from €102m last year to €59m.
"This is attributable to the downturn in the general economic climate, the reduction in mobile termination rates and continued intense competition in the mobile market," the report states.
Staff costs last year totalled €45.5m, down from €48.1m in 2010. Staff levels last year declined from 751 to 673.