Budget, Financial Services, Latvia, Markets and Companies, Telecomunications

The other part of the profit was paid in dividend to the other Lattelecom shareholder – Scandinavian telecommunication corporation TeliaSonera.

Lattelecom Chairman of the Board Juris Gulbis said that, thanks to a successful strategy, the company has been performing well during the crisis, and earned quite much money for the state, one of the shareholders in Lattelecom, writes LETA.

Lattelecom also contributed greatly to infrastructure development in Latvia last year, with Lattelecom group's capital investments reaching LVL 27.4 million, of which the majority went into development of optic fiber infrastructure and terrestrial television, which also remain to be the company's strategic projects this year.

Lattelecom Council Chairman Gatis Kokins is also pleased with the company's results last year.

In Kokins' opinion, the company's board has chosen the right development strategy – continual offer of new and innovative products to household and significant investments in infrastructure, which also continues this year. Kokins believes that this year, Lattelecom is nearly the only company "heating" the Latvian economy.

As reported, the government approved Lattelecom dividends at the beginning of May.

Lattelecom is the leading provider of electronic communications services in Latvia. The company offers integrated electronic communications and IT services, as well as telecommunications, network design and installation services.

Lattelecom also provides data transmission and IT infrastructure solutions, Internet and contact centre services, as well as outsourced business process services.

Lattelecom Group is made up of five enterprises: Lattelecom, Lattelecom BPO, Citrus Solutions, Lattelecom Technology and its subsidiary Baltijas Datoru akademija.

Lattelecom was established in 1994. TeliaSonera currently has a 49% stake in Lattelecom, whereas the state of Latvia – 51%.