The half year profit records for telecom giants Amalgamated Telecom Holdings Limited shows that the company is not doing as well as last year recording an interim profit after tax of $19.4 million for the half year end September 30th, 2008, a reduction of $4.1 million.

While announcing the profits, ATH chairman Taito Waqa said the result does not as yet reflect the effect of competition which came into effect in the mobile sector from October 1st.

Waqa said sales revenue had increased by $16.2 million this half year on the back of an increase in mobile subscribers to record numbers, with call revenue from the fixed line business maintaining a stable flow.

However, Waqa said there was a significant increase in expenses offsetting gains in sales revenue and increases were recorded for costs directly associated with the generation of revenue and operating costs for marketing and other activities in preparation for deregulation of the telecommunications market.

Despite new players Digicel entering the market, according the Waqa mobile subscriber numbers after the first month of competition in October indicate that ATH achieved a net gain, which is a very encouraging sign and shows that they have weathered the initial storm that was predicted by many with a new mobile phone service provider coming into the market.

The ATH chairman said their aim is to maintain their number one position in the mobile market.