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Montenegro's Crnogorski Telekom 9-mo net profit declines

Author Radomir Ralev
Montenegro's Crnogorski Telekom 9-mo net profit declines Crnogorski Telekom shareholders' meeting; Source: Crnogorski Telekom

PODGORICA (Montenegro), November 1 (SeeNews) - Montenegro's Crnogorski Telekom [MNG:TECG] recorded a net profit of 4.1 million euro ($4.6 million) in the first nine months of 2019, down from 6.6 million euro in the like period of last year, the company said.

Revenue decreased by 5.9% on the year to 60.2 million euro, while earnings before interests, tax, depreciation and amortisation(EBITDA) fell 7% to 22.2 million euro, the telecommunications company said in a bourse filing earlier this week.

The decrease in net profit was caused by the higher amortisation costs in 2019, due to the significantly larger volume of investments in previous years, Crnogorski Telekom said.

The number of pospaid customers increased by 6%, while mobile Internet users rose by 13% to 194,000, Crnogorski Telekom added.

Croatia's biggest telecoms operator, Hrvatski Telekom [ZSE:HT-R-A] controls 76.53% of Crnogorski Telekom.

($ = 0.897333 euro)