Business News

Telekom Slovenije Profit Down 19% in Q1

Ljubljana, 22 May (STA) - Slovenian telecoms incumbent Telekom Slovenije has seen its net profit contract to EUR 12.1m, a slump of 19% year-on-year, despite an increase in sales, the group said in a revenue filing published on Thursday.

Net revenue at the telecommunications giant rose by 2% over the same period last year to EUR 193.9m, with net sales rising by 3% due to an increase in revenues from wholesale, merchandise and mobile services.

According to the quarterly earnings release published through the Ljubljana Stock Exchange, the group saw an increase in the number of subscribers to IP-TV connections, mobile telephony and fixed-line broadband service.

Operating profit in the first quarter amounted to EUR 19.1m and earnings before interest, taxes, depreciation and amortisation stood at EUR 57.7m, both down by 8% compared to the same period in 2013.

The telco, which is being privatised under the government's plan to sell 15 state-owned companies, had issued a profit target of EUR 63m for this year in February.

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