ECONOMY

Forthnet stems outflow
 of broadband subscribers

forthnet-stems-outflow-of-broadband-subscribers

Telecommunications company Forthnet, whose creditors have entered into exclusive negotiations with BC Partners for the concession of its shares and debts, announced on Thursday that it had reversed the trend of previous years in which it registered a drop in in broadband subscriptions to post growth of 0.2 percent in 2019 to 550,967, while its pay-TV (Nova) subscribers in Greece and Cyprus fell 4.3 percent to 457,305.

Earnings before interest, tax, depreciation and amortization (EBITDA) contracted 14 percent to 36.4 million euros from €42.3 million in 2018.

“For another year, in 2019 we proved our resilience despite the adverse conditions in which we operate,” said chief executive Panos Papadopoulos, adding that “we are fully supporting the process of finding an investor for the exposures of our bank lenders.”