GP also maintains 62 percent market share with 4.2 million of total customers. It corresponds to more than 100 percent annual growth in GP's clientele.

GP earned US$120 million during last quarter (July-September), a 30 percent growth than its 3Q earning of 2004, thanks to the 511,000 new customers. Prepaid customers have been clearly fuelling the growth and it represents 92 percent of total subscribers. Most of them are, however, from the lower income group and they cautiously use the mobile phone. This behavioural pattern has directly impacted two fundamentals of GP's business.

The monthly average revenue per user (ARPU) was $10 in Q3, which is 37 percent less than what it was ($16) during the same period of last year. This decline is attributed to GP's tariff-reduction as well as customers' lower average usage of mobile phone.

On a monthly average basis each GP customer used to talk for 249 minutes in the Q3 of last year. That has come down to 223 minutes during last quarter. Monthly ARPU per prepaid customer was $7 while it was $44 in the post-paid segment during last quarter. GrameenPhone's pre-tax profit ($50 million) in Q3 fell by two percent compared to 2004. Its operating profit ($51.80 million) in Q3 rose by three percent than the Q3 of 2004. Its first nine months' operating profit ($128.80 million) is slightly lower than the first nine months' result ($128.96 million) of 2004.

GP has doubled it Q3 earning ($8 million) from other mobile operators through interconnection. It has made $19.34 million from interconnection during the first nine months of this year, which is 40 percent higher than its income of entire 2004 from the competitors.

GP's $328.60 million total revenue during this year's first nine months grew by 31 percent compared to last year's $250.48 million of the same period. This year's 43.10 percent operating profit margin is, however, lower than last year's 54.30 percent.

Last year's 64 percent margin on earning before income tax, depreciation and amortization (EBITDA) was higher than this year's 56.90 percent. GP says this decrease was "primarily due to increased sales and acquisition costs as a result of the competition, with significantly higher customer growth compared to the third quarter of 2004."

Its $68.36 million EBITDA in Q3 is 15 percent higher than last year's $59.40 million. This is the result of increased capital expenditure ($223.70 million) in the intervening quarters due to the extension of mobile coverage in new regions and increased mobile network capacity fuelled by strong subscription growth. GP has invested $91.45 million in Q3 of this year.