Energy, Good for Business, Internet, Latvia, Technology, Telecomunications

The group's export sales reached EUR 15.6 million.

Tet representatives indicated that thanks to reduced operational and management costs, the group's earnings before interest, taxes, depreciation and amortization rose by 3 percent on year to EUR 31.9 million. 

"During the past month the industry has been showing somewhat improved confidence, but the public and businesses still remain cautious in their decisions and choice of services, so a faster growth of the technology and entertainment industry is hampered," said Tet CEO Juris Gulbis. 

He also indicated that during the state of emergency Tet was looking for new forms of cooperation, for instance, organized video conferences and online seminars for business clients in Latvia and foreign countries, providing consultations on IT security issues associated with remote work.

The company noted that in the first half of 2020 demand for its Shortcut service grew at the fastest pace, while corporate clients demanded mostly computer maintenance, cloud computing and data services. 

Meanwhile, Tet's export sales grew by more than a third thanks to the export of the data center's services and construction of optic networks in Germany where work continued also during the Covid-19 crisis. 

Last year, Tet group posted EUR 226.3 million in preliminary turnover, up 7 percent from a year ago.

Tet shareholders are the Latvian state (51 percent) and Scandinavian telecommunications group Telia Company’s subsidiary Tilts Communications (49 percent). Tet Group includes Tet, Citrus Solutions, Lattelecom Technology, Helio Media and Baltijas Datoru Akademija. Tet owns a 23 percent stake in Latvijas Mobilais Telefons (LMT) mobile operator.