Croatia’s Ericsson Nikola Tesla 9-Mo Net Profit Up 0.8%

"Ericsson Nikola Tesla's key performance indicators for the first nine months meet our expectations. We have an increase in sales revenues and operating profit," the company said in a statement sent to the Zagreb Stock Exchange.

Sales revenue through September rose by 3.0% compared to the same period last year to 1.308 million kuna due to a considerable sales growth in regional markets, good performance in the domestic market and Ericsson’s knowledge sales.

"Operating profit is up 36% primarily due to increased gross margin (from 16.3% to 17.8%), totaling 122.7 million kuna," the company added.

The company’s shares were traded at 1,353 kuna on the Zagreb bourse by 0913 GMT on Tuesday, up from Monday’s close of 1,233.08 kuna.

Swedish telecoms equipment giant Ericsson owns 49.07% of the Croatian company.

(1 euro= 7.2042 Croatian kuna)