MONTREAL-More than doubling its number of cellular, specialized mobile radio and paging subscribers helped Telesystem International Wireless Inc. drastically increase its revenues for the fourth quarter and year ended Dec. 31, said the company.
TIW had 387,100 subscribers among the three services at the end of 1997, compared with 157,100 at the end of 1996. Cellular operations in Romania attracted 117,300 subscribers, of which 20,100 were prepaid customers, in less than eight months of operation. Cellular service also was launched in Brazil late in the fourth quarter, attracting 15,600 subscribers, said TIW.
Annual revenues last year were $70.7 million, of which $36 million was generated during the fourth quarter. This compares with $12.6 million and $4.2 million for the corresponding periods of the previous year.
Net loss for the fourth quarter was $41.4 million, and $82.1 million in 1997, compared with a net loss of $6 million and $21.9 million, respectively, in the corresponding periods of 1996.
The fourth-quarter loss reflects pre-operating expenses incurred while preparing to deploy digital SMR services in Europe, launching cellular service in Brazil and the consolidation of paging operations in the Netherlands, said TIW. The company added that it is a “development stage company with several operations in their pre-operating or start-up phase,” contributing to the net loss.
TIW held cash and cash equivalents of $329.9 million at the end of 1997, compared with $48.2 million at the end of 1996.
