September 11 (SeeNews) - Croatia's telecommunications equipment manufacturer Ericsson Nikola Tesla [ZSE:ERNT-R-A] said on Monday it has signed an agreement to provide technology for the expansion of the radio access network of Croatian telco Vipnet.
The contracted works will enable a further increase of the transfer speeds and the enhancement of the user experience for Vipnet users across Croatia, Ericsson Nikola Tesla said in a filing with the Zagreb Stock Exchange.
"Our plans are to combine fixed and mobile infrastructure and to offer a combo of fibre and superfast mobile access to 1.2 million households by the end of 2020. Vipnet wants to be a partner to the government in a further development of the broadband network in Croatia using EU funding," the CEO of Vipnet, Jiri Dvorjancansky, said in the filing.
The investments will increase the overall competitiveness of Croatia and the agreement with Ericsson Nikola Tesla will help Vipnet achieve its strategic goals, Dvorjancansky added.
Financial details of the agreement were not disclosed.
The first-half consolidated net profit of Ericsson Nikola Tesla declined 26.8% on the year to 37.4 million kuna ($6 million/5 million euro).