ECONOMY

Forthnet jumps on Q1 data

Shares in Greece’s second-largest Internet provider Forthnet jumped more than 2 percent yesterday, outperforming the broader market, after reporting a smaller first-quarter net loss than last year. Shares in Forthnet, which have more than doubled in the last month, advanced 2.26 percent to 1.82 euros on the Athens bourse versus a 0.58 percent decline on the broader market. Forthnet, which competes with incumbent telecoms operator OTE, said its quarterly net loss narrowed to 8.9 million euros from 12.5 million euros in the year-earlier period. Earnings before interest, tax, depreciation and amortization stood at 18.2 million euros for the first three months of the year versus a loss of 9.9 million euros in 2008. Brokerage National P&K Securities described the numbers as «overall positive results» and said it will keep its outperform recommendation on the shares. Forthnet expanded into the media business last year by buying out Nova, Greece’s biggest subscription television operator.