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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 09:17

Lattelecom raises revenues by 5% in H1

BC, Riga, 19.07.2016.Print version
- In the first half of 2016, Latvia's Lattelecom information and communications technology group raised revenues by 5% against the same period last year to EUR 95 mln, the company's unaudited financial results show, writes LETA.

LETA was told at the company that revenue growth was recorded both in new business areas and basic services, with revenues from data center services growing 35% and revenues from television rising 6%.

 

The company's retail revenues grew fourfold against the first half of 2015, Lattelecom spokespeople noted, adding that Lattelecom also refurbished and expanded its stores at several shopping centers in Riga, as well as Latvia's regional cities.

 

The amount of services provided by the group's company Citrus Solutions doubled year-on-year thanks to services development and the implementation of large construction projects.

 

"By constantly investing in the existing services and developing new ones, Lattelecom has been following global trends and developing products of the future already today. In the next two years we are going to invest about EUR 2 mln in the technologies and content of the new entertainment platform Shortcut. We also plan to invest about a third of a mln in the development of the retail segment," said Lattelecom CEO Juris Gulbis.

 

The Lattelecom Group closed 2015 with EUR 187.071 mln in annual turnover, which declined 0.5 % from a year before, while the group's profit rose 6.9% to EUR 32.15 mln, according to the company's financial report available in Lursoft business database.

 

Lattelecom, established in 1992, is a provider of integrated electronic communication and IT services in Latvia. Lattelecom shareholders are the Latvian state (51%) and the Scandinavian telecommunications group TeliaSonera (49%).

 

The Lattelecom Group comprises the following companies: Lattelecom, Lattelecom BPO, Citrus Solutions, Lattelecom Technology and Baltijas Datoru Akademija. Lattelecom also owns a 23% stake in Latvia’s LMT mobile operator.






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