October 27 (SeeNews) - Croatian ICT solutions provider Ericsson Nikola Tesla [ZSE:ERNT] said on Thursday it booked a net profit of 79.3 million kuna ($10.5 million/10.6 million euro) in the first nine months of 2022, down by 30.9% on the year.
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)