Meteor profits fell 75pc in 2010


22 Apr 2011

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In the year to June 2010, Meteor saw its earnings and profits fall dramatically as it suffered from the economic recession and intense competition in the mobile phone sector.

The company, which still does not have the popular iPhone as part of its offerings, saw its earnings fall to €102m as revenues fell 6pc in the 12 months to the end of June 2010.

The Irish Times this morning details the mobile phone operator’s results that were just filed with the Companies Office.

A subsidiary of debt-laden telecommunications provider Eircom, Meteor recorded pretax profits declined by 75pc from €37.2m to €9m.

The newspaper says profits were hit by €1.4m in restructuring costs.

There was some good news for the company as subscriber numbers increased by 2.6pc in the year. As of June 2010, Meteor had 1,043,364 customers – a 20.2pc share of the mobile phone market in Ireland.

Article courtesy of Businessandleadership.com

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