Latvia, Markets and Companies, Technology, Telecomunications

Parent company Lattelecom posted EUR 163.398 million in 2015 turnover, down 1.2% from 2014, and its profit grew 0.5% year-on-year to of EUR 30.501 million.

The Lattelecom management described 2015 as a successful year, mainly thanks to the company's successful business strategy, as well as the development of new business lines.

According to the financial report, the Lattelecom Group's revenues from data, television and Internet services grew 3.3% year-on-year to EUR 99.877 million in 2015.

Electronic voice telecommunications brought in EUR 32.519 million, down 16.9% year-on-year, and the group's electronic telecommunications operators saw their revenue contract by 17.3% to EUR 11.761 million. The group's revenue from related services came to EUR 42.914 million last year.

The Lattelecom Group reported EUR 188.014 million in 2014 turnover, while the group's proft was EUR 30.079 million that year. Parent company Lattelecom generated EUR 30.341 million in profit on a turnover of EUR 165.438 million in 2014.

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.