ECONOMY

Q-Telecom wants a million clients by end of year

Listed IT company Info-Quest will invest about 100 million euros in the next three years in its subsidiary Q-Telecom. Info-Quest’s president, Theodoros Fessas, said yesterday the new funds will come from own resources and international investors who have expressed interest. Q-Telecom had 793,506 mobile telephony customers and 69,082 landline subscribers on March 31 and is targeting the million mark by the end of the year. In the year’s first quarter Q-Telecom’s revenues rose by 58 percent annually, reaching 33.9 million euros from 21.5 million euros in the same period last year. Its pretax profits were at 1.5 million euros, against a loss of 1 million euros in the January-March 2004 period. EBITDA rose to 4.9 million euros from 1.7 million euros last year. It attracted 72,800 new mobile phone customers in Q1, most of whom bought pre-paid packages. Info-Quest is also planning to expand further its courier subsidiary, ACS. Its aim is to create an infrastructure in the Balkans for ACS’s regional expansion, in addition to its Albanian subsidiary, Quest Albania, 51 percent of which belongs to Info-Quest.