Lattelecom profits static

Take note – story published 7 years ago

In 2016, Latvia’s internet and television company Lattelecom increased its turnover by €2.6 million euros while profits remained unchanged compared to the 2015 level, according to the company’s consolidated, unaudited data.

Total turnover reached €193.25 million while profits remained at €32 million, the same as last year.

Profit will be paid in dividends to the shareholders – the Republic of Latvia and Telia Company. In 2016 Lattelecom paid taxes totalling €45 million and invested €32 million in developing and improving services, including €7.5 million for core internet network infrastructure.

The most rapid development for new business was in retailing, the company said, where turnover rose by 158%. Last year the advertising business almost doubled, growing by 96%, with more significant growth from the internet of things (+88%) and data centre services (+23%). For core businesses, the largest growth in revenue was for wholesaling, construction and maintenance of networks and engineering systems for buildings (+23%), as well as television (+6%).

"We have also laid the foundations for developing infrastructure and services for the internet of things, which is currently one of the priorities of Lattelecom,” said Lattelecom Chairman of the Board Juris Gulbis.

He said that in 2017 new services will be developed, and investments will continue in quality TV content: improving and developing the film, series and TV platform Shortcut, Lattelecom Interactive and Terrestrial Televisions, pop-up channels and local content.

Lattelecom group offers electronic communication solutions for households, small and medium enterprises, state and municipal institutions, as well as corporate clients. 

The Lattelecom group includes Lattelecom, Lattelecom BPO, Citrus Solutions, Lattelecom Technology, Media 360 and Baltijas Datoru akadēmija. Lattelecom also owns 23% of SIA Latvijas Mobilais Telefons, a major cellphone network.

Seen a mistake?

Select text and press Ctrl+Enter to send a suggested correction to the editor

Select text and press Report a mistake to send a suggested correction to the editor

Related articles


Most important