Croatia's Ericsson Nikola Tesla Jan-Sept net profit falls 31% y/y

Gross profit totalled 138.6 million kuna, down by 21.6% year-on-year, primarily due to higher costs as a result of termination of eHealth implementation project in Belarus under sanctions imposed by the EU, Ericsson Nikola Tesla said in a filing to the Zagreb bourse.

Furthermore, gross profit was impacted by an increase of labor costs and prices of energy and raw materials.

Gross margin decreased to 9.0%, from 11.5% in the first nine months 2021.

Sales revenue rose to 1.546 billion kuna in the period under review from 1.533 billion kuna a year earlier as a result of higher sales in the neighbouring markets and a continuous increase in services to the parent company Ericsson.

Ericsson Nikola Tesla's shares traded at 1,620 kuna intraday on Thursday on the ZSE, up 1.25%, bourse data showed.

(1 euro=7.532 Croatian kuna)