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ZAGREB (Croatia), October 29 (SeeNews) - Croatian telecommunications equipment manufacturer Ericsson Nikola Tesla [ZSE:ERNT-R-A] recorded a net profit of 80.8 million kuna ($12 million/10.8 million euro) in the first nine months of 2019, up 29.7% on the year, the company said on Tuesday.
Sales revenue rose 16% to 1.253 billion kuna, mainly driven by investments in network modernisation, digital transformation and preparation for the 5G technology, Ericsson Nikola Tesla said in a filing with the Zagreb Stock Exchange (ZSE).
On the domestic market, nine-month sales revenue increased by 32.1% on the year to 306.3 million kuna.
The revenues from sales abroad rose 22% to 187.4 million kuna, primarily due to successful collaboration with telecom operators in the region, the company said.
Sweden's Ericsson owns 49.07% of the Croatian company.
(1 euro = 7.45480 kuna)