Esat BT see positive earnings

Esat BT has announced that it had achieved its full-year target to become EBITDA positive, with positive earnings of €18.5m for the year ended 31 March, 2003.

This represents a significant turnaround for the company, which last year posted losses of €47.5m.

Though EBITDA positive the company had an overall loss of €185m and a slight drop in revenues.

The drop in revenues was largely as a result of a reduction in its residential customers which fell from 120,000 two years ago to 60,000 at present.

The CEO Bill Mrphy said that the company is considering moving into the mobile phone business.

Speaking yesterday, Bill Murphy, Chief Executive Officer said: "This is an extremely impressive reversal for the company. We started the financial year with huge challenges, and 12 months on, I'm very pleased with where we are in delivering on our promises.

"Aside from the superb financial out-turn, we have had an excellent year in positioning Esat BT as the industry leader.

"We have been part of the solution rather than the problem when it comes to the broader communications agenda, be that broadband for Ireland or FRIACO for consumers, or continually driving for competition and choice".

Esat BT was the first company in the BT Global Services division to become EBITDA positive last summer.

The financial focus for the year ahead will be centred on ensuring the company becomes cash flow positive by year end.