Good for Business, Latvia, Markets and Companies, Technology, Telecomunications

In 2016, Lattelecom group earned EUR 32.2 million in profit on a turnover of EUR 193.5 million.

At the same time, Lattelecom EBITDA was EUR 69.1 million, which is about the same level as in 2016.

Total investments in the group last year reached EUR 29 million, and investments were made in development of the internet network, modernization of customer devices, IT systems and development of new ideas.

Lattelecom group companies last year paid EUR 48.5 million in taxes.

Lattelecom group profit will be paid in dividends to the shareholders – the Latvian state and Telia Company.

The group’s revenues rose both in the core and new development directions. The steepest rise was recorded in advertising business, almost doubling the revenue, retail of equipment (+62%), data center turnover (+27%). There is also a stable growth in export turnover (+38%). In spite of the saturated market, also TV business increased last year. Lattelecom offers almost 30 HD quality TV channels, and will add ten more next year.

Gulbis said that last year had been the year of tests and changes for the company, identifying the main focus directions – entertainment and smart solutions for house and business.

This year’s main challenges will be the EU data protection regulations, and the European Commission’s discussions on reverse value added tax on electronic devices, as well as fight against piracy and fight for specialists.

Lattelecom, established in 1992, is a provider of integrated electronic communication, television, Internet and IT services in Latvia. Lattelecom shareholders are the Latvian state (51%) and the Scandinavian telecommunications group Telia Company’s subsidiary Tilts Communications (49%).