Telecoms giant posts €32m in 2015 profits

In 2015, the Lattelecom information and telecommunications technologies company posted EUR 32 million in profit, the company's board chairman Juris Gulbis informed on Tuesday, reported LETA newswire.

It is about EUR 2 million more than in 2014 when it earned EUR 30.3 million.

The company's profit before interest, taxes, depreciation and amortization was EUR 72 million.

Meanwhile, the group's turnover last year was EUR 191 million.

In 2015, the company's most important revenues came from IT and outsourcing services as revenues in this segment increased by 30 percent. There was also a positive trend in development of new businesses - TV contents and advertising business, where revenues doubled last year.

Revenues from core services also showed growth - broadband internet services ensured a 1 percent growth, while revenues from TV services increased by 8 percent from 2014.

Lattelecom last year paid EUR 94 million in the country's development, investments and taxes, including EUR 48.8 million paid in taxes, EUR 30 million invested in development and improvement of services, and EUR 15 million paid into the Treasury in dividends to the state.

In the first half of 2015, the company posted more than EUR 16 million in profit, and the first nine months of last year were closed with EUR 25 million in profit.

Lattelecom, established in 1992, is a provider of integrated electronic communication and IT services in Latvia. Lattelecom shareholders are the Latvian state (51 percent) and TeliaSonera (49 percent). In 2014 the company generated EUR 165 million in sales and earned EUR 30.3 million in profit.

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