Financial Services, Good for Business, Latvia, Technology, Telecomunications

Total turnover reached 193.25 mln EUR while profits reached 32 mln EUR, which equals the best results for the last seven years and will be paid in dividends to the shareholders – the Republic of Latvia and Telia Company. In 2016 Lattelecom paid taxes totalling 45 mln EUR and invested 32 mln EUR in developing and improving services, including 7.5 mln EUR for core internet network infrastructure.

Revenue increased in almost all areas of activity, including both core and new businesses. The most rapid development for new business was in retailing, where turnover rose by 158%. Last year the advertising business almost doubled, growing by 96%, with more significant growth from the internet of things (+88%) and data centre services (+23%). For core businesses, the largest growth in revenue was for wholesaling, construction and maintenance of networks and engineering systems for buildings (+23%), as well as television (+6%).

"In a world where the progress in digitalisation is measured not in years but in months, it is especially important to provide qualitative, secure and fast internet connections, therefore last year we made significant investments in internet support technologies. We have also laid the foundations for developing infrastructure and services for the internet of things, which is currently one of the priorities of Lattelecom,” says Lattelecom Chairman of the Board Juris Gulbis. He says that in 2017 new services will be developed, and investments will continue in quality TV content: improving and developing the film, series and TV platform Shortcut, Lattelecom Interactive and Terrestrial Televisions, pop-up channels and local content.

“Statistics from previous years show that total Lattelecom internet data flow grows by a factor of 1.3 – 2 annually. This is due to increased speed for existing clients and changes in connection technology, as well as increases in client numbers and data consumption. For example, Interactive Television recording, archive and video rental has increased from 85 to 120 Gbit/s in one year. Therefore, investments in upgrading central internet routers and min data transmission nodes are very important. Last year Lattelecom was the first in Latvia to introduce 100 Gbit/s connections, increasing the capacity of the main network, preventing the risk of overload, as well as ensuring more intelligent blocking of attacks at the network level,” says Lattelecom Technology Service Director Uldis Tatarčuks.

Lattelecom group offers electronic communication solutions for households, small and medium enterprises, state and municipal institutions, as well as corporate clients. 

The Lattelecom includes Lattelecom, Lattelecom BPO, Citrus Solutions, Lattelecom Technology, Media 360 and Baltijas Datoru akadēmija. Lattelecom also owns 23% of SIA Latvijas Mobilais Telefons.