Kyivstar's revenue decreases 26% yoy in 1H09

Telenor published Kyivstar GSM’s 1H09 results this morning on its website: net revenues equaled NOK 4.8 mln, down 26.0% yoy; EBITDA was NOK 2.8 mln, down 27.8% yoy; operating profit was NOK 1.9 mln, down 35.3% yoy. Kyivstar’s subscriber base decreased 4.7% yoy and NOK-nominated ARPU by 24.4%. Kyivstar kept its position as the #1 mobile telecom operator in Ukraine with a subscriber base of 22.2 mln users. Yegor Samusenko: In hryvnya terms, Kyivstar’s revenues decreased only 7.3% yoy in 1H09. There were two main reasons behind the decline: a drop in the number of Kyivstar’s mobile subscriptions, by 4.7%, and 3% decrease in average revenue per user (UAH denominated). Though, for Telenor (owner of 56.51% of Kyivstar) Ukraine is its most profitable market, with an EBITDA margin of 59.5% in 2Q09, vs. the group’s overall 2Q09 EBITDA margin of 31.9%.