ECONOMY

Vodafon-Panafon edges closer

Vodafone-Panafon, Greece’s second-biggest mobile operator in terms of number of clients, beat market expectations with a net addition of 248,305 new subscribers in the second quarter to edge closer to market leader CosmOTE. In a Reuters poll last week, seven analysts expected Vodafone-Panafon to add on an average 165,931 new subscribers. The increase, amounting to 19.4 percent year-on-year, represented 40 percent of total market net additions in the second quarter, compared with 34 percent for market leader CosmOTE and 26 percent for Stet Hellas. It brought Vodafone-Panafon’s total customer base to 3,631,070. CosmOTE last week reported 215,102 net client additions, bringing its customer base to a total of 3,857,000. Contract customers accounted for 63,164 of Vodafone-Panafon’s new additions. Prepaid users represented 185,141 new customers, a 93.4 percent rise from the previous quarter. The company said prepaid customers now represent 71 percent of its total customer base. The customer churn rate for the quarter improved to 8.1 percent from 8.6 percent for prepaid customers and to 5.1 percent from 5.3 percent for contract customers. The company said its 49 percent-owned Albanian subsidiary, which competes with CosmOTE-owned AMC, added 47,541 new customers in the second quarter, bringing its total customer base to 438,598 – representing a 44 percent market share, up from 42.1 percent in the previous quarter.