You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Montenegro's Crnogorski Telekom 2014 net profit rises 14%

Montenegro's Crnogorski Telekom 2014 net profit rises 14% Author: Deutsche Telekom. License: All rights reserved.

PODGORICA (Montenegro), February 27 (SeeNews) – Montenegrin telecommunications company Crnogorski Telekom [MNG:TECG] said its net profit climbed up 14% to 21.6 million euro ($24.5 million) in 2014.

The company's revenues fell by an annual 5% to 104.6 million euro in 2014, mainly due to lower income from interconnection and retail voice services, Crnogorski Telekom said in a statement posted on its website on Thursday.

Earnings before interest, taxes, depreciation and amortization (EBITDA), excluding special items, too fell by 5%, to 41.1 million euro in 2014, while earnings before interest and taxes (EBIT) rose by 14% to 23 million euro.

The subscribers of the telco's wireless arm, T-Mobile, declined by an annual 2% to some 349,900 at the end of December. The number of pre-paid customers fell 8% to 197,300, while the number of post-paid clients increased by 8% to 148,500.

T-Mobile’s market share shrank by 4% on the year to 34.1% in 2014.

Crnogorski Telekom's ADSL subscribers rose by 5% to 77,800 at the end of 2014. Subscribers to the telco's digital Extra TV service increased 4% to 64,300. Extra TV service kept its lead on the local pay TV market with a 41.8% share in terms of customers.

Crnogorski Telekom is part of Hungary's Magyar Telekom.

Montenegro has a population of around 630,000.

($=0.88 euro)