VHA's total revenue decreased by 9.0 percent year-on year to $2.07b. Service revenue was down 15.8 percent year-on-year to $1749.8m, for VHA in total. VHA's EBITDA was $224.0, down 20.5 percent year-on-year. The company said that mandated reductions in the mobile termination rate had accounted for 25 percent of this revenue reduction.
During the first half of 2012, VHA's total customer base declined by 178,000 customers to 6.8 million. The postpaid customer base declined slightly and now comprises almost two-thirds of VHA's total customer base.
HT chairman, Canning Fok, said: "Bill Morrow and VHA have our full support, and despite the operating challenges currently facing the business, we believe the strategy being implemented will return VHA to growth in the future. However, we expect the next 12 months to remain challenging." His comments echo those from Vodafone Group when it announced its Q1 results last week.
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There was some good news. Monthly churn is down for the first time in over 18 months, to just under two percent per month for postpaid customers, and the company said that complaints to the Telecommunications Ombudsman were down by a third year-on-year, to their lowest level in more than two years.
It added that it was now resolving over 75 percent of customer issues on first contact.
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