October 31 (SeeNews) - Croatia's biggest telecommunications services provider, Hrvatski Telekom [ZSE:HT], said on Monday its consolidated organic net profit rose 19.7% on the year to 525 million kuna ($69.2 million/69.7 million euro) in the first nine months of 2022, primarily reflecting depreciation returning to usual levels after a peak in the first half of 2021.
“Despite macroeconomic challenges, inflationary pressures and unprecedented energy prices, Hrvatski Telekom recorded solid business results,” the company said in a filing to the Zagreb bourse.
In the first nine months of 2022, organic revenue increased by 2.8% yewr-on-year to 5.5 billion kuna, driven by continued growth momentum in core fixed and mobile services, in both Croatia and Montenegro.
In the third quarter alone 2022, organic EBITDA after leases (AL) decreased by 2.2% due to higher energy costs and inflationary pressures on operating expenses. Still, in the period from January to September organic EBITDA AL increased by 1.1% to 2.2 billion kuna, due to strong performance in the first half of 2022.
Organic investments reached 1.1 billion kuna, down 4.6% compared to the first nine months of last year, mainly due to different seasonality of network rollout, still representing by far the largest industry investments.
Deutsche Telekom Europe owns 53.02% of HT.
HT's shares traded 1.43% higher at 177 kuna intraday on Monday on the Zagreb bourse.
(1 euro = 7.531 Croatian kuna)