Meteor suffers €147m pre-tax loss

Mobile phone and broadband company Meteor recorded pre-tax losses last year of €146.6m after booking an impairment charge of €112m.

Accounts just filed by Meteor Mobile Communications Ltd show revenues fell by 10.7% from €458m to €408.9m in the year to the end of June 30, 2011.

According to the directors, the impairment charge was driven by lower cash flows within business plans, reflecting increased competition; weaker trading conditions accentuated by the IMF bailout and Budget 2011; reduced consumer spending and rising unemployment.