Mobile Revenue Growth Slowed Down In 1H05.

Cellular mobile service revenues increased by only 57% yoy, in 1H05, compared to 141% yoy increase in 1H04. Also, revenue growth from long-distance calls and computer-based communications (VoIP and internet access) dropped in 1H05.

Growth of Telecommunication Revenues, yoy

                                          1H04                     2004           1H05

Local fixed                           4%                        4%             11%

LD fixed & FTM                   35%                       30%             9%

Fixed total                          23%                       20%            10%

Computer-based                 49%                       45%             30%

Mobile                              141%                       147%           57%

Concorde Capital: The slowdown in mobile revenue growth is in line with our February forecast. We expect an increase in fixed LD revenues in 2H05 because an anticipated decrease in fixed-to-mobile and international tariffs will stimulate increased fixed LD traffic. Computer-based revenue growth is likely to remain unchanged in 2H05.

 

Concorde Capital Revenue Growth Forecast, yoy

                                2005/2004

Local fixed                    10%

LD fixed & FTM              22%

Computer-based           35%

Mobile                          50%