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In the meantime, the company's profitability rate rose to a record high 42.3% in Latvia, said Firmanis.

In the third quarter, Tele2 EBITDA increased 11.1% year on year.

"The mobile telephony market continues to be very competitive due to the different business strategies and approaches of market players in attracting customers. We have managed to reduce various costs and successfully find new customers. The number of our customers has increased by 35,000 compared to the third quarter of last year, and this is the fastest increase in the last five years," said Tele2 CEO Valdis Vancovics.

He also said that the company's revenue from sales of smart devices increased by more than 9% in the third quarter, following a sharp decline in the previous quarter.

The company's representatives pointed out that the performance indicators for the last quarter of this year are difficult to predict, because the spread of the coronavirus and related restrictions can change the daily life and habits of society quite rapidly, also affecting the situation in the national economy.

As reported, Tele2 posted EUR 136.669 million in turnover last year, which is 4% more than a year earlier, while the company's profit increased by 2% to 31.519 million euros.

The company was registered in November 1995 and has a share capital of EUR 3.486 million. The sole owner of Tele2 is the Swedish Tele2 Sverige Aktiebolag.

The company attributed the growth to rising sales of teleworking equipment and increasing use of communication services.

"Many people are still working remotely after the quarantine that unexpectedly changed their work and personal lives," Tele2 Lithuania CEO Petras Masiulis said in a press release. "The change of habits and increased demand for communication services and equipment helped to grow."  "Also, we see that the economy has recovered much faster than we could have forecast," he added.

Mobile data usage by Tele2 clients surged by 41.2% year-on-year to 59,200 terabytes (TB), due mainly due to remote work.

The total duration of calls in the Tele2 network rose by 11% year-on-year to over 1.2   billion minutes. 

The company said the increasing popularity of its home Internet service was another factor that helped grow its revenue, noting that the number of users in this segment jumped by 15% to 188,000.

The telecoms operator, which is owned by Sweden's Tele2, had a total of 1.9 million users in the third quarter. The number of business customers alone went up by 10% to 219,000. 

Tele2's 4G mobile network covers 99% of Lithuania's territory.