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Zenitel reports substantial improvements of its results

Operating Profit (EBIT) of continuing business increases from 0,4 million Euro in 2009 to 1,8 million Euro in 2010.

Turnover of continuing business of 66,4 million Euro, compared to 70,1 million Euro last year due to lower marine and project business.
Recurrent EBITDA of continuing business is 4,2 million Euro, compared to 4,6 million Euro last year.
2010 net result was impacted by 1,6 million Euro non recurrent charges all related to discontinued business, resulting in a net loss of 1,5 million Euro compared to a net loss of 8,1 million Euro in 2009.

Kenneth Dastol, Zenitel Chief Executive Officer, commented:

“Zenitel made a strategic move in 2009 by divesting its inefficient entities and focusing on its profitable activities – Secure Communication Systems (SCS) and the Caribbean Network. In spite of the 1,1 million Euro negative currency effect EUR/NOK on operating expenses, the company confirmed its profitability for 2010.

Zenitel had a revenue increase of 32 percent in the Caribbean due to coverage expansion to the BES islands and a 23 percent growth in the Vingtor-Stentofon  USA operation. However, the overall revenues were down 5,3 percent due to a decrease in the worldwide marine market and project business in Scandinavia."