Strict policy pays off for Forthnet

Listed telecoms provider Forthnet reported on Thursday an 8.6 percent year-on-year increase in operating profits (EBITDA) in spite of a 325-million-euro decline in revenues.

The alternative provider sustained a 10.1 percent annual drop in overall subscribers and a considerable 11.2 percent contraction in the customer base of its Nova pay-TV platform to 439,404 subscribers, which the company attributed to its “cautious commercial policy, the imposition of a 10 percent tax on pay TV and the underperformance of [Greek soccer’s] Super League.” Still, its advertising revenue climbed 11.4 percent.